Description

SEBI announces the completion of Recovery Certificate No. RC6839 of 2023 issued against Niraj Damani (PAN: AMMPD2651G) for recovery of dues in the matter of Illiquid Stock Options trading at BSE.

Summary

SEBI has issued a completion notice for Recovery Certificate No. RC6839 of 2023 against Niraj Damani (PAN: AMMPD2651G). This notice confirms that the amount due under the recovery certificate, arising from the matter of Illiquid Stock Options trading at BSE, has been fully recovered from the defaulter.

Key Points

  • Recovery Certificate No. RC6839 of 2023 has been marked as completed.
  • The defaulter is Niraj Damani (PAN: AMMPD2651G).
  • The underlying matter relates to Illiquid Stock Options traded at BSE, a case involving large-scale manipulation of illiquid option contracts.
  • SEBI has confirmed full satisfaction of the outstanding dues against this individual.
  • This completion order follows a prior release or enforcement action under the same RC number.

Regulatory Changes

No new regulatory changes are introduced by this order. This is an administrative closure notice confirming full recovery of penalties or disgorgement amounts previously ordered by SEBI.

Compliance Requirements

No new compliance obligations are imposed by this circular. It serves as a closure document for the enforcement proceedings against the named individual. Other entities involved in the Illiquid Stock Options matter who have outstanding recovery certificates remain subject to their respective obligations.

Important Dates

  • Recovery Certificate Issued: 2023 (RC6839 of 2023)
  • Completion Order Date: February 26, 2026

Impact Assessment

This circular has minimal market or operational impact. It represents the conclusion of an individual enforcement action and does not impose any new obligations on market participants. The Illiquid Stock Options at BSE matter has been a significant SEBI enforcement case, and completion notices such as this one reflect ongoing recovery proceedings against various individuals and entities found liable in that matter.

Impact Justification

Administrative enforcement notice confirming full recovery of dues from an individual defaulter under a prior order; no new regulatory action or market-wide impact.