Description

SEBI has issued a Notice of Demand dated 20.02.2026 against Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P) for recovery of Rs. 60,84,794 in the matter of Real Capital Services, directing payment within 15 days failing which coercive recovery measures will follow.

Summary

SEBI’s Recovery and Refund Department has issued a Notice of Demand under Rule 2 of the Second Schedule to the Income-Tax Act, 1961 read with Section 28A of the SEBI Act, 1992, against Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P), resident of Rajkot, Gujarat. The notice demands recovery of Rs. 60,84,794 (Sixty Lakh Eighty-Four Thousand Seven Hundred Ninety-Four) arising from a refund order in the matter of Real Capital Services. Payment must be made within 15 days of receipt of the notice.

Key Points

  • Recovery Certificate No. 9038 of 2026 issued against Thakrar Diptiben Maheshbhai, D/o Maheshbhai Narandas Thakrar, Rajkot, Gujarat.
  • Total amount demanded: Rs. 60,84,794, comprising principal of Rs. 53,36,661, interest of Rs. 7,47,133 (@ 1% per month from January 2025 to February 2026), and recovery cost of Rs. 1,000.
  • The principal amount was directed to be refunded via Order No. QJA/AA/WRO/WRO/31146/2024-26 dated 28.01.2025 in the matter of Real Capital Services.
  • Payment must be made within 15 days via EFT/NEFT/RTGS to A/c No. SEBIRNCIS9038 at Bank of India (IFSC: BKID00VAN04) or through SEBI’s online recovery payment portal.
  • Upon service of notice, the respondent is prohibited from mortgaging, charging, leasing, or otherwise dealing with any property without the Recovery Officer’s prior permission.
  • Transfers to spouse, minor child, son’s wife, or son’s minor child without adequate consideration on or after 28.01.2025 shall be deemed the respondent’s property for recovery purposes.

Regulatory Changes

No new regulatory changes. This is an enforcement and recovery action under the existing framework of Section 28A of the SEBI Act, 1992 read with Sections 220–227, 228A, 229, and 232 of the Income-Tax Act, 1961.

Compliance Requirements

  • Respondent must pay Rs. 60,84,794 within 15 days of receipt of this notice.
  • Payment confirmation (case name, RC number, payee name, date, amount, transaction number, and bank details) must be forwarded to the Recovery Officer at SEBI Bhavan, Mumbai, or emailed to kapilsankhla@sebi.gov.in / pankajs@sebi.gov.in.
  • The respondent must not transfer, mortgage, or encumber any property without the Recovery Officer’s permission from the date of service of this notice.

Important Dates

  • Original refund order date: 28.01.2025 (Order No. QJA/AA/WRO/WRO/31146/2024-26)
  • Notice of Demand date: 20.02.2026
  • Payment deadline: Within 15 days of receipt of this notice
  • Interest accrual period: January 2025 to February 2026

Impact Assessment

This is an individual enforcement action with no direct impact on broader markets or investors. The recovery pertains to a refund obligation in the matter of Real Capital Services. Failure to pay within the stipulated period may result in coercive recovery measures including attachment and sale of movable/immovable property, attachment of bank accounts, arrest and detention, or appointment of a receiver. No listed stocks or market intermediaries with systemic significance are involved.

Impact Justification

Individual enforcement action against a single respondent for recovery of dues in the matter of Real Capital Services; no market-wide regulatory change or broad investor impact.