Description

SEBI issues a prohibitory order against Veerabhadra Rao Dandamudi under Recovery Certificate No. 2204 of 2019 in the matter of Exelon Infrastructure Ltd., directing attachment of assets to recover outstanding dues.

Summary

SEBI has issued a prohibitory order against Veerabhadra Rao Dandamudi pursuant to Recovery Certificate No. 2204 of 2019 in the matter of Exelon Infrastructure Ltd. The order is aimed at attaching assets/properties of the defaulter to enforce recovery of outstanding dues owed to SEBI.

Key Points

  • Recovery Certificate No. 2204 of 2019 was previously issued against Veerabhadra Rao Dandamudi.
  • SEBI has now issued a prohibitory order to enforce recovery of dues remaining unpaid under the certificate.
  • The order prohibits the defaulter from alienating, transferring, or disposing of specified assets until dues are cleared.
  • The action is part of SEBI’s enforcement proceedings in the matter of Exelon Infrastructure Ltd.

Regulatory Changes

No new regulatory changes. This is an enforcement action under SEBI’s existing recovery mechanism provided under the SEBI Act and applicable rules.

Compliance Requirements

  • Veerabhadra Rao Dandamudi is prohibited from alienating, transferring, or creating any charge on the attached assets.
  • Any bank, depository, or institution holding assets of the defaulter is directed to comply with the prohibitory order and not release or transfer such assets.
  • Compliance with the prohibitory order is mandatory until SEBI withdraws or modifies it.

Important Dates

  • Recovery Certificate No. 2204 originally issued: 2019
  • Prohibitory order date: March 12, 2026

Impact Assessment

This order has limited broader market impact as it is an individual enforcement action. It reinforces SEBI’s ongoing efforts to recover dues from defaulters in the Exelon Infrastructure Ltd. matter. Financial institutions and depositories holding assets of the named individual must ensure immediate compliance to avoid liability.

Impact Justification

This is an individual-level enforcement/recovery action against a specific person related to a 2019 recovery certificate in the matter of Exelon Infrastructure Ltd. It has no broad market or regulatory policy impact.