Description

SEBI issued notices of attachment dated March 25, 2026 under Recovery Certificate No. 9057 of 2026 against Prijesh A. Kurani, Ashish P. Shah, and Nishil K. Malde in the matter of Svarnim Trade Udyog Limited for recovery of dues.

Summary

SEBI issued Notice(s) of Attachment dated March 25, 2026 under Recovery Certificate (RC) No. 9057 of 2026 against Prijesh A. Kurani, Ashish P. Shah, and Nishil K. Malde in the matter of Svarnim Trade Udyog Limited. These notices are enforcement actions to attach assets, bank accounts, or securities holdings of the named individuals to recover outstanding dues payable to SEBI.

Key Points

  • SEBI issued attachment notices under RC No. 9057 of 2026 dated March 25, 2026
  • Three individuals named as defaulters: Prijesh A. Kurani, Ashish P. Shah, and Nishil K. Malde
  • The matter pertains to Svarnim Trade Udyog Limited
  • Notices are issued under SEBI’s recovery powers to attach movable/immovable assets and bank/demat accounts
  • Attachment notices are served to banks, depositories, and other entities holding assets of the named persons

Regulatory Changes

No new regulatory changes. This is an enforcement action under existing SEBI recovery and attachment provisions, including the SEBI Act, 1992 and the Second Schedule to the Income Tax Act, 1961 as applicable to SEBI recovery proceedings.

Compliance Requirements

  • Banks, depositories, and financial institutions receiving this notice must freeze/attach the accounts and assets of the named individuals as directed
  • The attached entities must not allow withdrawal, transfer, or disposal of assets of Prijesh A. Kurani, Ashish P. Shah, and Nishil K. Malde without SEBI’s prior approval
  • Receiving entities are required to report the details of attached assets to SEBI’s Recovery Officer
  • Non-compliance with attachment notices may attract further penal action

Important Dates

  • March 25, 2026: Date of issuance of Notice(s) of Attachment
  • RC No. 9057 of 2026 governs the recovery proceedings timeline

Impact Assessment

The attachment notices signal an advanced stage of SEBI’s enforcement proceedings against the named individuals associated with Svarnim Trade Udyog Limited. This action restricts the financial mobility of Prijesh A. Kurani, Ashish P. Shah, and Nishil K. Malde by freezing their assets and bank/demat accounts. Market participants and investors in Svarnim Trade Udyog Limited should note this as a significant regulatory red flag, indicating unresolved dues and non-compliance with prior SEBI orders. This may impact investor confidence and the trading status of securities related to the company.

Impact Justification

SEBI enforcement action involving attachment of assets of named individuals in connection with Svarnim Trade Udyog Limited, indicating significant regulatory non-compliance and financial dues recovery proceedings.