Description
SEBI issues Recovery Certificate No. RC9044 of 2026 under A.P. Nos. 15236 & 15237 of 2026 against Tarkeshwar Kaloya (PAN: DGDPK0047R) for recovery of penalty imposed in the matter of Illiquid Stock Options.
Summary
SEBI has issued Recovery Certificate No. RC9044 of 2026 in respect of Tarkeshwar Kaloya (PAN: DGDPK0047R) pursuant to Adjudication Proceedings A.P. Nos. 15236 & 15237 of 2026. The certificate is issued to recover penalties/dues determined against the noticee in the matter of irregular trading in Illiquid Stock Options on Indian stock exchanges.
Key Points
- Recovery Certificate No. RC9044 of 2026 issued against Tarkeshwar Kaloya (PAN: DGDPK0047R)
- Pertains to A.P. Nos. 15236 & 15237 of 2026
- Matter relates to dealings in Illiquid Stock Options
- Certificate enables SEBI/authorised officers to recover outstanding dues as arrears of land revenue
- Part of SEBI’s sustained enforcement drive against manipulative trading in illiquid stock options
Regulatory Changes
No new regulatory changes introduced. This is an enforcement/recovery action under existing SEBI (Recovery of Amounts) Regulations.
Compliance Requirements
- Tarkeshwar Kaloya is required to pay the outstanding penalty/dues specified in the Recovery Certificate
- Banks, depositories, and other financial institutions may be directed to attach assets of the noticee for recovery
- Non-payment may result in attachment and sale of properties/assets
Important Dates
- Certificate issued: March 2026
- A.P. Nos. 15236 & 15237 of 2026 adjudication proceedings forming the basis of the certificate
Impact Assessment
This order has a limited market impact as it targets a single individual (Tarkeshwar Kaloya) for past violations in illiquid stock options trading. It is part of SEBI’s broader and ongoing enforcement campaign against entities involved in manipulative or fraudulent trades in illiquid stock options. No systemic or sector-wide implications are expected.
Impact Justification
Routine enforcement action — individual-level penalty recovery certificate in the ongoing SEBI crackdown on illiquid stock options manipulation. No broad market or systemic impact.