Description
SEBI has issued Recovery Certificate No. RC9016 of 2026 under A.P. Nos. 15180 & 15181 of 2026 against Lalita Chowdhary (PAN: ACOPC0249F) for recovery of dues arising from adjudication proceedings in the matter of Illiquid Stock Options.
Summary
SEBI has issued Recovery Certificate No. RC9016 of 2026 in connection with Adjudication Proceedings (A.P.) Nos. 15180 & 15181 of 2026 against Lalita Chowdhary (PAN: ACOPC0249F). The certificate is issued under Section 28A of the SEBI Act, 1992 for recovery of penalty amounts arising from adjudication proceedings in the matter of trading in Illiquid Stock Options.
Key Points
- Recovery Certificate No. RC9016 of 2026 issued by SEBI’s Recovery Officer
- Pertains to A.P. Nos. 15180 & 15181 of 2026
- Defaulter: Lalita Chowdhary (PAN: ACOPC0249F)
- Matter: Illiquid Stock Options trading irregularities
- Certificate issued under Section 28A of the SEBI Act, 1992 for recovery of dues as arrears of land revenue
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action document authorizing recovery of previously imposed penalties.
Compliance Requirements
- The named defaulter (Lalita Chowdhary) is required to pay the outstanding penalty amount as specified in the recovery certificate
- Non-compliance may result in further recovery proceedings as arrears of land revenue under applicable law
- The Recovery Officer is empowered to attach and sell properties of the defaulter to recover dues
Important Dates
- Recovery Certificate issued: February 2026
- A.P. Nos. 15180 & 15181 of 2026 adjudication proceedings referenced
Impact Assessment
This order has no broad market impact. It is an individual enforcement action targeting a single entity (Lalita Chowdhary) involved in the Illiquid Stock Options matter — a long-running SEBI enforcement initiative against market participants who engaged in manipulative or non-genuine trades in illiquid stock option contracts on stock exchanges. The issuance of a recovery certificate indicates the adjudicated penalty remains unpaid and SEBI is initiating coercive recovery proceedings.
Impact Justification
Individual enforcement action for penalty recovery against a single entity; no broad market or regulatory policy implications.