Description
SEBI has issued Recovery Certificate No. RC9023 of 2026 against Sohan Lal Dugar (PAN: AGUPD4142J) in connection with Appeal Nos. 15303 & 15304 of 2026, arising from adjudication proceedings in the matter of illiquid stock options.
Summary
SEBI has issued Recovery Certificate No. RC9023 of 2026 in connection with Appeal Nos. 15303 & 15304 of 2026 against Sohan Lal Dugar (PAN: AGUPD4142J). This certificate is part of SEBI’s enforcement action in the matter of illiquid stock options, enabling recovery of outstanding dues as arrears of land revenue under applicable provisions of the SEBI Act.
Key Points
- Recovery Certificate No. RC9023 of 2026 issued against Sohan Lal Dugar
- PAN: AGUPD4142J
- Related to Appeal Nos. 15303 & 15304 of 2026
- Arising from adjudication proceedings in the matter of illiquid stock options trading
- Certificate enables recovery of penalties/disgorgement as land revenue arrears
Regulatory Changes
No new regulatory changes introduced. This is an enforcement/recovery action under existing SEBI Act provisions that empower SEBI to recover dues through the issuance of Recovery Certificates.
Compliance Requirements
- Sohan Lal Dugar is required to pay the outstanding penalty/disgorgement amount as specified in the adjudication order
- Failure to comply allows SEBI to recover dues as arrears of land revenue through the designated authority
- No compliance obligations imposed on other market participants
Important Dates
- Certificate Date: April 24, 2026
- Appeal Nos. 15303 & 15304 of 2026 (underlying adjudication proceedings)
Impact Assessment
This recovery certificate has no direct impact on broader market operations or other market participants. It is a targeted enforcement action against a specific individual (Sohan Lal Dugar) who was found to have violated SEBI regulations in the context of illiquid stock options trading. SEBI has been systematically issuing such certificates as part of its ongoing crackdown on manipulation in the illiquid stock options segment on stock exchanges.
Impact Justification
Routine SEBI recovery certificate issued against a single individual for non-payment of penalties from illiquid stock options adjudication. No broad market impact; affects only the named entity.