Description

SEBI issues a prohibitory order against Ravi Chakravarti under Recovery Certificate No. 2225 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 Ravi Chakravarti pursuant to Recovery Certificate No. 2225 of 2019, arising from proceedings in the matter of Exelon Infrastructure Ltd. The order directs attachment or prohibition on disposal of the respondent’s assets to facilitate recovery of outstanding penalty/dues previously determined by SEBI.

Key Points

  • Prohibitory order issued against Ravi Chakravarti under Recovery Certificate No. 2225 of 2019
  • Matter relates to Exelon Infrastructure Ltd. (likely involving illiquid stock options or fraudulent trading)
  • Order directs the respondent not to alienate, transfer, or dispose of specified assets
  • Recovery proceedings initiated to enforce an earlier SEBI adjudication/penalty order
  • Issued by SEBI’s Recovery Officer under the SEBI Act, 1992

Regulatory Changes

No new regulatory changes. This is an enforcement action under existing SEBI recovery and attachment provisions (Section 28A of the SEBI Act, 1992).

Compliance Requirements

  • Ravi Chakravarti must not alienate, transfer, encumber, or dispose of any movable or immovable assets until further orders
  • Banks/financial institutions holding accounts of the respondent may be directed to freeze assets as notified
  • Non-compliance with a prohibitory order constitutes contempt and may attract further penal action

Important Dates

  • Recovery Certificate No. 2225 of 2019: Original certificate issued in 2019
  • Order Date: March 12, 2026

Impact Assessment

This is a targeted enforcement action against a single individual (Ravi Chakravarti) related to the Exelon Infrastructure Ltd. matter. The impact is limited to the respondent and has no broader market or operational implications. It reflects SEBI’s continued pursuit of outstanding recovery dues from older adjudication orders.

Impact Justification

Routine enforcement/recovery action against an individual respondent for outstanding dues under a 2019 recovery certificate; no broader market or regulatory policy impact.