Description

SEBI releases attached bank accounts, demat accounts, and mutual fund folios of defaulter Sunil Purohit after recovery of Rs. 1,50,000 as directed by SAT order dated March 9, 2026.

Summary

SEBI’s Recovery and Refund Department has issued a release order directing all banks, mutual funds, NSDL, and CDSL to release the attached bank accounts, lockers, demat accounts, and mutual fund folios of Sunil Purohit (PAN: AHSPP9704F), a defaulter in the matter of K Sera Sera Productions. The release follows recovery of Rs. 1,50,000 as mandated by a SAT order.

Key Points

  • Recovery Certificate No. 1818 of 2018 was originally drawn for recovery of Rs. 6,18,951 plus interest/costs against Sunil Purohit
  • Attachment of bank accounts, lockers, demat accounts, and mutual fund folios was effected via notices dated December 20, 2018
  • Defaulter filed Appeal No. 547/2025 before the Hon’ble Securities Appellate Tribunal (SAT)
  • SAT vide order dated March 9, 2026 directed payment of Rs. 1,50,000 (inclusive of interest)
  • SEBI has confirmed receipt of Rs. 1,50,000 in satisfaction of the recovery certificate
  • All banks, mutual funds, NSDL, and CDSL are directed to release attachments immediately

Regulatory Changes

No regulatory changes. This is an administrative order closing out an individual enforcement/recovery action.

Compliance Requirements

  • All banks in India: Release attached bank accounts and lockers of Sunil Purohit pursuant to Attachment Proceeding Nos. 4161 & 4162 of 2018
  • All mutual funds in India: Release attached mutual fund folios of the defaulter
  • NSDL and CDSL: Release attached demat accounts of the defaulter

Important Dates

  • November 11, 2018: Original Recovery Certificate No. 1818 of 2018 issued
  • December 20, 2018: Notices of attachment issued
  • March 9, 2026: SAT order directing payment of Rs. 1,50,000
  • March 24, 2026: Release order issued after confirmation of payment

Impact Assessment

This order has no broader market impact. It is an individual enforcement matter concluding with a negotiated settlement via SAT. The release of attachments is a routine procedural step following confirmed recovery. Market participants and investors are not affected.

Impact Justification

Routine administrative release order affecting a single individual defaulter after settlement; no broader market or regulatory impact.