Description

SEBI has issued a Notice of Demand under Recovery Certificate No. RC9048 of 2026 against Manas Taru Roy and Binit Agarwal, jointly and severally, in connection with the Illiquid Stock Options matter.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. RC9048 of 2026 against Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A), jointly and severally. The notice pertains to the matter of Illiquid Stock Options, directing the recovery of dues as determined by SEBI’s adjudication/enforcement proceedings.

Key Points

  • Recovery Certificate No. RC9048 of 2026 issued by SEBI against two named individuals
  • Parties: Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A)
  • Liability is joint and several — both parties are collectively responsible for the full amount
  • Matter relates to Illiquid Stock Options — a segment that has been subject to extensive SEBI enforcement action
  • Notice of Demand requires payment of the outstanding recovery amount

Regulatory Changes

No new regulatory changes. This document is an enforcement action under existing SEBI recovery and adjudication powers.

Compliance Requirements

  • The named individuals (Manas Taru Roy and Binit Agarwal) must pay the demanded amount as specified in the Recovery Certificate
  • Failure to comply may result in further enforcement measures including attachment of assets

Important Dates

  • Certificate issued: 2026 (RC9048 of 2026)
  • Document date: February 24, 2026
  • Payment deadline: As specified in the Recovery Certificate (refer to the PDF for the exact due date)

Impact Assessment

This notice has no broad market impact. It is a targeted enforcement action against two specific individuals in connection with the Illiquid Stock Options matter, which has been an ongoing area of SEBI enforcement. Market participants and investors are not directly affected unless they are the named parties.

Impact Justification

This is an enforcement/recovery action against specific individuals related to the Illiquid Stock Options case. It has no broader market or regulatory policy impact; it affects only the named parties.