Description

SEBI issued a Notice of Demand for Rs. 78,61,313.44 jointly and severally against three individuals for disgorgement dues arising from the Svarnim Trade Udyog Limited matter, directing payment within 15 days.

Summary

SEBI has issued a Notice of Demand under RC No. 9057 of 2026 (Certificate under Section 28A of the SEBI Act, 1992 read with Section 222 of the Income-tax Act, 1961) against three individuals — Prijesh A. Kurani, Ashish P. Shah, and Nishil K. Malde — for a total sum of Rs. 78,61,313.44. The demand arises from a disgorgement order passed by SEBI’s Whole Time Member in the matter of Svarnim Trade Udyog Limited.

Key Points

  • Total demand: Rs. 78,61,313.44 (Rupees Seventy-Eight Lakh Sixty-One Thousand Three Hundred and Thirteen and Paisa Forty-Four only), payable jointly and severally
  • Principal disgorgement amount: Rs. 51,95,607.40 as directed by WTM order no. WTM/AB/ISD/ISD-SEC-4/30379/2024-25 dated May 31, 2024
  • Interest accrued from November 30, 2021 to March 09, 2026 @ 12% p.a.: Rs. 26,64,706.04
  • Recovery cost: Rs. 1,000.00
  • The three named individuals are: Prijesh A. Kurani (PAN: AIQPK8093D), Ashish P. Shah (PAN: AJRPS7737C), and Nishil K. Malde (PAN: APJPM4645M)

Regulatory Changes

No new regulatory changes. This notice is an enforcement action under existing provisions of Section 28A of the SEBI Act, 1992 read with Sections 220–227, 228A, 229, and 232 of the Income-tax Act, 1961 and the Second Schedule thereto.

Compliance Requirements

  • Named individuals must pay Rs. 78,61,313.44 within 15 days of receipt of this notice
  • Payment must be made via EFT/NEFT/RTGS to A/c No. SEBIRNDSG9057, Bank of India, IFSC: BKID00VAN04, or through the online Recovery Payment module at https://siportal.sebi.gov.in
  • Individuals are prohibited from mortgaging, charging, leasing, or otherwise dealing with their property without permission of the Recovery Officer upon service of this notice
  • Any property transferred to spouse, minor child, son’s wife, or son’s minor child without adequate consideration on or after May 31, 2024 shall be deemed the property of the named individuals for recovery purposes
  • Payment confirmation must be forwarded to the Recovery Officer, Refund and Recovery Division, SEBI

Important Dates

  • Original WTM disgorgement order: May 31, 2024
  • Interest calculation period: November 30, 2021 to March 09, 2026
  • Notice date: March 09, 2026
  • Payment deadline: Within 15 days of receipt of notice (approximately March 24, 2026)

Impact Assessment

This notice has no broad market impact. It is a targeted enforcement/recovery action against three named individuals in connection with the Svarnim Trade Udyog Limited matter. Non-payment may lead to attachment and sale of movable/immovable property, attachment of bank accounts, arrest and detention, or appointment of a receiver for property management. The action signals SEBI’s continued pursuit of disgorgement recovery from past enforcement orders.

Impact Justification

This is an enforcement/recovery action targeting specific individuals with no broader market or regulatory policy impact. Relevant only to the named parties.