Description

SEBI has issued Recovery Certificate No. RC9019 of 2026 under A.P. Nos. 15265 & 15266 of 2026 against Namrata Choradia (PAN: AVLPC7083R) for recovery of penalty amounts in the matter of Illiquid Stock Options manipulation.

Summary

SEBI has issued Recovery Certificate No. RC9019 of 2026 in the matter of Illiquid Stock Options against Namrata Choradia (PAN: AVLPC7083R) under Attachment Proceedings (A.P.) Nos. 15265 & 15266 of 2026. This certificate enables SEBI to recover outstanding penalty/disgorgement amounts through attachment and sale of the noticee’s assets.

Key Points

  • Recovery Certificate No. RC9019 of 2026 issued against Namrata Choradia (PAN: AVLPC7083R)
  • Attachment Proceeding Nos. 15265 & 15266 of 2026 initiated for recovery of dues
  • Action taken in the matter of Illiquid Stock Options, a major SEBI enforcement case involving manipulation in BSE’s stock options segment
  • Certificate issued under Section 28A of the SEBI Act, 1992, enabling coercive recovery
  • This is one of a series of recovery certificates issued by SEBI in April 2026 in this matter

Regulatory Changes

No new regulatory changes. This document is an enforcement action under existing SEBI recovery provisions.

Compliance Requirements

  • Namrata Choradia (PAN: AVLPC7083R) is required to comply with the recovery certificate and pay the outstanding dues
  • Banks, depositories, and other entities holding assets of the noticee may be directed to cooperate with SEBI’s recovery process
  • Non-compliance may result in attachment and sale of properties/assets

Important Dates

  • Certificate issued: April 2026
  • Attachment Proceedings: A.P. Nos. 15265 & 15266 of 2026

Impact Assessment

This action has no broad market impact. It is an individual enforcement measure against a specific person found to have been involved in the Illiquid Stock Options manipulation case on BSE. SEBI has been issuing multiple such recovery certificates in this matter as part of its sustained enforcement drive to recover penalties and disgorgement amounts from those found guilty of market manipulation in the illiquid stock options segment.

Impact Justification

This is an individual enforcement/recovery action against a specific person (Namrata Choradia) in the long-running SEBI Illiquid Stock Options matter. It has no broad market impact but represents significant regulatory enforcement activity.