Description

SEBI has issued Recovery Certificate No. RC9024 of 2026 in respect of A.P. Nos. 15178 & 15179 of 2026 against Subhas Chandra Agarwala (PAN: AFLPA1319L) for recovery of dues arising from the Illiquid Stock Options case.

Summary

SEBI has issued Recovery Certificate No. RC9024 of 2026 in connection with Appeal/Recovery Proceedings Nos. 15178 & 15179 of 2026 against Subhas Chandra Agarwala (PAN: AFLPA1319L). This recovery action is part of SEBI’s ongoing enforcement efforts in the Illiquid Stock Options matter, wherein entities were found to have engaged in manipulative and fraudulent trading practices in the illiquid stock options segment of BSE.

Key Points

  • Recovery Certificate No. RC9024 of 2026 issued against Subhas Chandra Agarwala (PAN: AFLPA1319L)
  • Relates to A.P. Nos. 15178 & 15179 of 2026 under SEBI recovery proceedings
  • Part of SEBI’s broader enforcement action in the Illiquid Stock Options matter
  • SEBI is empowered to issue recovery certificates to recover dues as if they were arrears of land revenue
  • The certificate enables SEBI to recover penalties/dues through designated recovery officers

Regulatory Changes

No new regulatory changes. This is an enforcement/recovery action under existing SEBI (Recovery of Amounts) Rules and the SEBI Act, which empowers SEBI to issue recovery certificates for unpaid penalties and dues.

Compliance Requirements

  • Subhas Chandra Agarwala is required to comply with the recovery certificate and pay the outstanding dues
  • Non-compliance may result in attachment and sale of assets through the designated recovery officer
  • The named individual must settle outstanding amounts as directed under the recovery certificate

Important Dates

  • Certificate Issue Date: February 26, 2026
  • Recovery Certificate No.: RC9024 of 2026
  • Proceedings Reference: A.P. Nos. 15178 & 15179 of 2026

Impact Assessment

This order has no direct market-wide impact. It is an individual enforcement action against a specific named party (Subhas Chandra Agarwala) as part of SEBI’s continuing effort to recover dues from entities found liable in the Illiquid Stock Options manipulation case. The Illiquid Stock Options matter has involved hundreds of entities and SEBI continues to issue recovery certificates against defaulters. This action reinforces SEBI’s commitment to enforcing penalties and recovering dues in manipulation cases, but has no systemic implications for markets or other participants.

Impact Justification

This is an individual enforcement/recovery action against a named entity in the long-running Illiquid Stock Options case. While significant for the named party, it has no broader market impact and is routine enforcement activity.