Description

SEBI has issued Recovery Certificate No. RC9069 of 2026 and Notice of Demand against Ajay Nopani (PAN: ADGPN4214N) for non-payment of penalties imposed in the Illiquid Stock Options manipulation matter.

Summary

SEBI has issued Recovery Certificate No. RC9069 of 2026 along with a Notice of Demand against Ajay Nopani (PAN: ADGPN4214N) in connection with the Illiquid Stock Options matter. This document is a formal demand for payment of outstanding penalties or disgorgement amounts previously ordered by SEBI that remain unpaid. The Recovery Certificate enables SEBI to initiate coercive recovery proceedings under the SEBI Act, including attachment of assets and bank accounts.

Key Points

  • Recovery Certificate No. RC9069 of 2026 issued against Ajay Nopani (PAN: ADGPN4214N)
  • Notice of Demand served as part of SEBI’s enforcement action in the Illiquid Stock Options matter
  • The certificate authorises SEBI to recover outstanding dues as arrears of land revenue
  • This action follows a prior adjudication/settlement order against the noticee for alleged manipulation of illiquid stock options on BSE
  • SEBI has been conducting large-scale enforcement actions against entities involved in the illiquid stock options segment

Regulatory Changes

No new regulatory changes are introduced by this order. It is an enforcement/recovery action pursuant to existing SEBI Act powers under Section 28A, which empowers SEBI to recover penalties as arrears of land revenue via a Recovery Certificate.

Compliance Requirements

  • Ajay Nopani is required to pay the outstanding demand amount specified in the certificate immediately upon receipt of the notice
  • Failure to comply may result in attachment of movable and immovable property, bank accounts, and other assets
  • The noticee may approach SEBI or the Securities Appellate Tribunal (SAT) if disputing the demand

Important Dates

  • Date of Certificate/Notice: March 20, 2026
  • Certificate Number: RC9069 of 2026
  • Payment is expected promptly upon service of the notice to avoid coercive recovery action

Impact Assessment

This order has no direct impact on broader markets or listed companies. It is an individual-level enforcement action targeting a specific person (Ajay Nopani) for alleged participation in illiquid stock options manipulation on BSE. SEBI has been systematically pursuing recovery proceedings against hundreds of entities found to have manipulated the illiquid stock options segment, making this part of a larger enforcement wave. The practical impact is limited to the individual concerned, who faces asset attachment if payment is not made.

Impact Justification

This is an individual enforcement/recovery action against a single person for prior SEBI penalties related to illiquid stock options manipulation. High severity for the individual concerned, but low broader market impact as it is part of SEBI's routine recovery proceedings in the large-scale illiquid options enforcement series.