Description

SEBI has issued Certificate No. RC9048 of 2026 under Adjudication Proceedings Nos. 15279 & 15280 against Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A) for recovery of dues in the Illiquid Stock Options matter.

Summary

SEBI has issued Certificate No. RC9048 of 2026 under Adjudication Proceedings (A.P.) Nos. 15279 & 15280 of 2026 against Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A), jointly and severally, in the matter of Illiquid Stock Options. This document forms part of the ongoing recovery proceedings initiated under the original Notice of Demand dated February 24, 2026, and reflects a further stage of SEBI’s enforcement action to recover adjudicated dues from the named parties.

Key Points

  • Recovery Certificate No. RC9048 of 2026 issued by SEBI against two named individuals
  • Covers Adjudication Proceedings Nos. 15279 and 15280 of 2026
  • Named parties: Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A)
  • Liability is joint and several — both individuals are collectively responsible for the full outstanding dues
  • Relates to the Illiquid Stock Options segment — a subject of extensive SEBI enforcement since 2018
  • Constitutes an updated/further proceeding step under the same RC9048 issued in February 2026

Regulatory Changes

No new regulatory changes introduced. This document is a procedural enforcement action under existing SEBI (Recovery of Amounts) Rules and the Securities and Exchange Board of India Act, 1992.

Compliance Requirements

  • Manas Taru Roy and Binit Agarwal are jointly and severally required to satisfy the outstanding dues as specified in Recovery Certificate No. RC9048 of 2026
  • Non-compliance may result in further enforcement measures including attachment of bank accounts, immovable property, and other assets
  • The named parties should engage with SEBI’s recovery proceedings promptly to avoid escalation

Important Dates

  • Original RC9048 Notice of Demand issued: February 24, 2026
  • Current A.P. document date: April 15, 2026
  • Payment/compliance deadline: As specified in the Recovery Certificate (refer to the PDF for exact terms)

Impact Assessment

This circular has no broader market or systemic impact. It is a targeted enforcement action against two specific individuals found to have participated in irregularities in the Illiquid Stock Options segment on BSE. The Illiquid Stock Options matter has been one of SEBI’s largest and most sustained enforcement campaigns, involving hundreds of entities. This proceeding is one of many individual recovery actions under this broader enforcement umbrella, with no implications for market structure, trading rules, or other market participants.

Impact Justification

Individual-level enforcement/recovery action against two specific named parties in the ongoing Illiquid Stock Options matter. No market-wide policy change or broad regulatory impact; affects only the named defaulters.