Description

SEBI issues a prohibitory order under Recovery Certificate No. 4697 of 2022 against Shyam Sunder Nagla (PAN: AJUPN9153C) in the matter of Venus Power Ventures (India) Ltd., directing banks and financial institutions to freeze and not release assets.

Summary

SEBI has issued a prohibitory order under Recovery Certificate No. 4697 of 2022 against Shyam Sunder Nagla (PAN: AJUPN9153C) in connection with the matter of Venus Power Ventures (India) Ltd. The order directs banks, depositories, and financial institutions to prohibit the transfer or alienation of assets held by the named individual to recover dues owed to SEBI.

Key Points

  • Prohibitory order issued against Shyam Sunder Nagla (PAN: AJUPN9153C)
  • Recovery Certificate No. 4697 of 2022 forms the basis of this enforcement action
  • Matter relates to Venus Power Ventures (India) Ltd.
  • Banks and financial institutions are directed to freeze/prohibit disposal of assets
  • Order is part of SEBI’s ongoing recovery proceedings to collect outstanding dues

Regulatory Changes

No new regulatory changes. This is an enforcement/recovery action under existing SEBI recovery proceedings framework pursuant to the SEBI Act, 1992 and the SEBI (Recovery of Money) Regulations, 2008.

Compliance Requirements

  • All banks, depositories, and financial institutions holding accounts or assets in the name of Shyam Sunder Nagla (PAN: AJUPN9153C) must not allow withdrawal, transfer, or alienation of such assets.
  • Entities must comply with the prohibitory order immediately upon receipt.
  • Any non-compliance with this order may attract penalties under the SEBI Act.

Important Dates

  • Recovery Certificate No. 4697 issued: 2022
  • Prohibitory Order Date: February 25, 2026

Impact Assessment

This order has minimal broader market impact. It is a targeted enforcement action affecting only the named individual (Shyam Sunder Nagla) and entities holding his assets. Venus Power Ventures (India) Ltd. is a small-cap/unlisted entity and this action does not affect general market operations or trading. The action signals SEBI’s continued pursuit of outstanding recovery certificates issued in 2022.

Impact Justification

This is a targeted enforcement/recovery action against a specific individual related to Venus Power Ventures (India) Ltd. It has no broader market impact but represents a high-severity enforcement action for the named party.