Description

SEBI has issued attachment notices (No. 15239 & 15240 of 2026) dated March 16, 2026, attaching bank and demat accounts of Mahakal Real Estate Developers Private Limited (PAN: AADCM9998D) in the matter of trading in illiquid stock options on BSE, under Recovery Certificate No. 8435 of 2024.

Summary

SEBI has issued Notice of Attachment of Bank Accounts and Demat Accounts bearing numbers 15239 & 15240 of 2026, dated March 16, 2026, against Mahakal Real Estate Developers Private Limited (PAN: AADCM9998D), designated as a Defaulter in the matter of trading in illiquid stock options on BSE. The attachment is being enforced under Recovery Certificate No. 8435 of 2024.

Key Points

  • Attachment notices numbered 15239 and 15240 of 2026 issued on March 16, 2026
  • Defaulter entity: Mahakal Real Estate Developers Private Limited (PAN: AADCM9998D)
  • Underlying matter: Trading in Illiquid Stock Options on BSE
  • Enforced under Recovery Certificate No. 8435 of 2024
  • Both bank accounts and demat accounts of the defaulter are subject to attachment
  • Action is part of SEBI’s ongoing enforcement and recovery proceedings against entities involved in illiquid stock options manipulation on BSE

Regulatory Changes

No new regulatory changes introduced. This is an enforcement/recovery action under existing SEBI recovery mechanisms pursuant to a previously issued Recovery Certificate.

Compliance Requirements

  • Banks and depositories/depository participants holding accounts of Mahakal Real Estate Developers Private Limited (PAN: AADCM9998D) are required to freeze/attach the specified accounts upon receipt of the attachment notice
  • No debits are to be permitted from the attached accounts without SEBI’s prior approval
  • Concerned entities must acknowledge receipt and compliance of the attachment notice to SEBI

Important Dates

  • March 16, 2026: Date of issuance of Attachment Notices No. 15239 & 15240 of 2026
  • 2024: Recovery Certificate No. 8435 issued (year of original certificate)

Impact Assessment

This enforcement action directly impacts Mahakal Real Estate Developers Private Limited by freezing its bank and demat accounts, restricting the company’s access to its financial assets until recovery dues are satisfied. The action is part of SEBI’s broader crackdown on entities that traded in illiquid stock options on BSE, a segment that was found to be used for tax evasion and fund diversion. The impact is confined to the named defaulter entity and does not have broader market implications. Banks and depository participants servicing this entity must act promptly to comply with the attachment directives to avoid regulatory liability.

Impact Justification

Enforcement action attaching financial accounts of a defaulter entity in an illiquid stock options manipulation case; directly impacts the named entity's financial access but has limited broader market impact.