Description

SEBI issues Recovery Certificate No. RC9052 of 2026 as a Notice of Demand against Anita Devi Chokhani (PAN: ACWPC0520B) for violations in the Illiquid Stock Options matter, directing recovery of dues.

Summary

SEBI has issued Recovery Certificate No. RC9052 of 2026 as a Notice of Demand against Anita Devi Chokhani (PAN: ACWPC0520B) in the matter of Illiquid Stock Options. This certificate directs the recovery of dues arising from adjudication/penalty proceedings related to manipulation in illiquid stock option contracts traded on BSE.

Key Points

  • Recovery Certificate No. RC9052 of 2026 issued against Anita Devi Chokhani (PAN: ACWPC0520B)
  • The notice is issued in connection with the Illiquid Stock Options matter, wherein SEBI found widespread manipulation of illiquid stock option contracts on BSE
  • The certificate constitutes a Notice of Demand requiring the defaulter to pay outstanding dues
  • Non-compliance with the notice of demand may result in further enforcement actions including attachment of assets
  • This is part of SEBI’s ongoing enforcement drive against entities found to have participated in fictitious/manipulative trading in illiquid stock options

Regulatory Changes

No new regulatory changes are introduced. This document is an enforcement action under existing SEBI recovery and adjudication provisions, including:

  • SEBI Act, 1992 (recovery provisions)
  • SEBI (Intermediaries) Regulations
  • Securities Contracts (Regulation) Act, 1956

Compliance Requirements

  • Anita Devi Chokhani (PAN: ACWPC0520B) is required to pay the demanded amount as specified in the recovery certificate within the stipulated time
  • Failure to comply may result in recovery proceedings including attachment and sale of property/assets
  • The noticee should respond to SEBI’s recovery office within the timeframe specified in the certificate

Important Dates

  • Certificate Issued: February 2026
  • Recovery Certificate No.: RC9052 of 2026
  • Payment deadline: As specified in the notice of demand (typically 15–30 days from issuance)

Impact Assessment

This enforcement action has limited broader market impact as it is directed at a single individual. It is part of SEBI’s sustained enforcement campaign in the Illiquid Stock Options matter, which involved hundreds of entities allegedly engaged in circular/fictitious trading in illiquid BSE stock options to generate artificial accounting entries. The continued issuance of recovery certificates signals SEBI’s commitment to recovering penalties and disgorgement amounts from all identified violators in this case.

Impact Justification

Individual enforcement action for recovery of dues against a single person in the ongoing Illiquid Stock Options matter; no broad market impact but reflects SEBI's continued enforcement in this case.