Description

SEBI issues a Notice of Demand under Recovery Certificate No. RC9070 of 2026 against Ramkrishna Karmakar (PAN: BYMPK3820M) for outstanding dues arising from enforcement action in the Illiquid Stock Options matter.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. RC9070 of 2026 against Ramkrishna Karmakar (PAN: BYMPK3820M) in the matter of Illiquid Stock Options. This notice demands payment of outstanding dues/penalties imposed on the individual as part of SEBI’s enforcement action related to manipulation of Illiquid Stock Options, primarily on the BSE platform.

Key Points

  • Recovery Certificate No. RC9070 of 2026 has been issued against Ramkrishna Karmakar (PAN: BYMPK3820M).
  • The notice constitutes a formal demand for recovery of dues arising from SEBI’s enforcement action in the Illiquid Stock Options matter.
  • This is a Notice of Demand stage, indicating that financial recovery proceedings have been formally initiated against the individual.
  • The action is part of SEBI’s broader enforcement drive against individuals and entities involved in the Illiquid Stock Options manipulation case on BSE.
  • Non-compliance with the notice may lead to further coercive recovery measures by SEBI.

Regulatory Changes

No new regulatory changes are introduced by this notice. It is an administrative enforcement order initiating recovery proceedings against a specific named individual.

Compliance Requirements

  • Ramkrishna Karmakar (PAN: BYMPK3820M) is required to pay the outstanding dues as specified in the Recovery Certificate RC9070 of 2026.
  • The individual must respond to and comply with the Notice of Demand within the stipulated timeframe to avoid further enforcement action.
  • No compliance obligations are imposed on the broader market or other participants by this notice.

Important Dates

  • Recovery Certificate: RC9070 of 2026
  • Notice Date: March 23, 2026
  • The underlying enforcement action relates to SEBI’s ongoing proceedings in the Illiquid Stock Options manipulation matter.

Impact Assessment

The impact of this notice is confined to the named individual, Ramkrishna Karmakar. It represents SEBI’s continued systematic recovery drive against participants in the Illiquid Stock Options manipulation case on BSE. There is no direct impact on broader market operations, listed companies, or other market participants. The notice signals that SEBI is actively pursuing outstanding recovery amounts even against individual participants in the enforcement matter.

Impact Justification

This is an individual enforcement recovery notice targeting a specific named person for dues related to the Illiquid Stock Options case. It has no broader market or regulatory impact and is relevant only to the named individual and SEBI's enforcement proceedings.