Description

SEBI issues a Notice of Demand under Recovery Certificate No. RC9047 of 2026 against Vijay Kumar Chaudhary (PAN: AFXPC6574P) for recovery of dues arising from the Illiquid Stock Options manipulation case.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. RC9047 of 2026 dated February 2026, against Vijay Kumar Chaudhary (PAN: AFXPC6574P) in connection with the Illiquid Stock Options manipulation matter. This notice directs the respondent to pay outstanding dues as determined in prior SEBI adjudication/recovery proceedings related to the Illiquid Stock Options segment of BSE.

Key Points

  • Recovery Certificate No. RC9047 of 2026 issued against Vijay Kumar Chaudhary (PAN: AFXPC6574P)
  • Pertains to the SEBI enforcement action in the matter of Illiquid Stock Options on BSE
  • Notice of Demand requires payment of penalty/dues determined in SEBI’s earlier adjudication order
  • Non-payment may result in further coercive recovery measures including attachment of assets
  • Part of SEBI’s ongoing mass recovery drive against entities penalised in the Illiquid Stock Options case

Regulatory Changes

No new regulatory changes. This is an individual enforcement/recovery action under existing SEBI (Recovery of Amounts) Regulations and powers granted under the SEBI Act, 1992.

Compliance Requirements

  • Vijay Kumar Chaudhary must pay the demanded amount specified in the Recovery Certificate within the stipulated time period
  • Failure to comply may lead to attachment of bank accounts, securities, or other assets
  • The respondent may approach SEBI for any dispute regarding the quantum or validity of the demand

Important Dates

  • Recovery Certificate Date: 2026 (RC9047 of 2026)
  • Notice Issued: February 24, 2026
  • Payment Deadline: As specified in the notice (typically 15–30 days from date of demand)

Impact Assessment

This notice has no broader market impact. It is an individual recovery action targeting a specific person penalised in SEBI’s Illiquid Stock Options enforcement matter — one of the largest market manipulation cases in Indian securities markets involving manipulation in the illiquid stock options segment of BSE. The broader case resulted in hundreds of penalty orders; this notice is part of the ongoing recovery phase against non-compliant respondents.

Impact Justification

Individual enforcement/recovery action against a specific named entity for dues arising from the SEBI Illiquid Stock Options manipulation case. No broader market or regulatory policy impact; relevant only to the named respondent.