Description

SEBI issues a completion order for Recovery Certificate No. 4187 of 2021 against Ramilaben S Patel, signifying that all outstanding dues under the recovery proceedings in the Illiquid Stock Options matter at BSE have been fully recovered.

Summary

SEBI has issued a Completion Order for Recovery Certificate (RC) No. 4187 of 2021, which was drawn against Ramilaben S Patel in connection with the Illiquid Stock Options matter at BSE. This order confirms that all outstanding amounts due under the said recovery certificate have been fully recovered, bringing the enforcement action to a close.

Key Points

  • SEBI has issued a Completion Order for Recovery Certificate No. 4187 of 2021
  • The order is against Ramilaben S Patel in the matter of Illiquid Stock Options at BSE
  • The completion order signifies that all dues payable under the recovery certificate have been fully paid/recovered
  • The recovery proceedings initiated under RC No. 4187 of 2021 are now concluded
  • A corresponding Release Order has also been issued on the same date (March 25, 2026)

Regulatory Changes

No new regulatory changes are introduced. This order marks the administrative closure of an existing enforcement and recovery action.

Compliance Requirements

No new compliance obligations arise from this order. The completion of recovery proceedings indicates that the respondent, Ramilaben S Patel, has fulfilled all financial obligations imposed under RC No. 4187 of 2021.

Important Dates

  • Recovery Certificate Issued: 2021 (RC No. 4187 of 2021)
  • Completion Order Issued: March 25, 2026

Impact Assessment

This order has minimal market or operational impact. It is an administrative closure of individual enforcement proceedings related to the Illiquid Stock Options case at BSE. The completion order, along with the accompanying release order, confirms resolution of the specific recovery matter against Ramilaben S Patel and has no broader implications for market participants or trading operations.

Impact Justification

This is a routine enforcement closure order confirming that recovery dues from an individual respondent in the Illiquid Stock Options matter have been fully paid. It has no prospective regulatory or market impact.