Description

SEBI issued a Notice of Demand under Section 28A of the SEBI Act for recovery of Rs. 6,85,000 from Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P) in the matter of Real Capital Services, with payment due within 15 days.

Summary

SEBI’s Recovery and Refund Department issued a Notice of Demand dated 20 February 2026 under Recovery Certificate No. 9036 of 2026 against Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P) in the matter of Real Capital Services. The total amount due is Rs. 6,85,000, comprising a penalty of Rs. 6,00,000, interest of Rs. 84,000 (January 2025 to February 2026 at 1% per month), and recovery costs of Rs. 1,000.

Key Points

  • Recovery Certificate No. 9036 of 2026 issued under Section 28A of the SEBI Act, 1992 read with Section 222 of the Income Tax Act, 1961
  • Penalty of Rs. 6,00,000 imposed vide Order No. QJA/AA/WRO/WRO/31146/2024-26 dated 28.01.2025 in the matter of Real Capital Services
  • Interest accrued: Rs. 84,000 at 1% per month from January 2025 to February 2026
  • Recovery cost: Rs. 1,000
  • Total amount demanded: Rs. 6,85,000
  • Payment to be made to ICICI Bank A/c No. SEBIRRDPEN9036 (IFS Code: ICIC0000106) via EFT/NEFT/RTGS or online at https://siportal.sebi.gov.in

Regulatory Changes

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

Compliance Requirements

  • Thakrar Diptiben Maheshbhai must pay Rs. 6,85,000 within 15 days of receipt of this notice
  • The respondent must not mortgage, charge, lease, or otherwise deal with any property without prior permission of the Recovery Officer (per Rule 16 of the Second Schedule to the Income Tax Act, 1961)
  • Any transfer of property or bank monies to spouse, minor child, son’s wife, or son’s minor child without adequate consideration on or after 28.01.2025 will be deemed the respondent’s property for recovery purposes
  • Payment confirmation must be forwarded to the Recovery Officer at SEBI Bhavan, BKC, Mumbai – 400 051 or emailed to kapilsankhla@sebi.gov.in / pankajs@sebi.gov.in

Important Dates

  • 28.01.2025: Date of original penalty order (QJA/AA/WRO/WRO/31146/2024-26)
  • 20.02.2026: Date of Notice of Demand
  • Within 15 days of receipt: Deadline for payment of Rs. 6,85,000

Impact Assessment

This notice has no broader market or systemic impact. It is an individual recovery action against Thakrar Diptiben Maheshbhai for violations related to Real Capital Services. If payment is not made within 15 days, SEBI may pursue coercive recovery measures including attachment and sale of movable/immovable property, attachment of bank accounts, arrest and detention, or appointment of a receiver. The matter is confined to the named individual and does not affect listed companies, market operations, or trading participants broadly.

Impact Justification

This is an individual enforcement/recovery action against a specific person related to Real Capital Services. It has no broader market or regulatory policy impact; significance is limited to the named defaulter.