Description

SEBI has issued Recovery Certificate No. RC9021 of 2026 under Section 28A of the SEBI Act against Raj Kumar Nemani and Sons HUF (PAN: AAHHR0158K) for recovery of unpaid penalty imposed in the matter of trading in illiquid stock options.

Summary

SEBI has issued Recovery Certificate No. RC9021 of 2026 (A.P. Nos. 15301 & 15302 of 2026) against Raj Kumar Nemani and Sons HUF (PAN: AAHHR0158K) for recovery of an unpaid monetary penalty arising from the matter of trading in illiquid stock options. This certificate is issued under Section 28A of the SEBI Act, 1992, which empowers SEBI to recover dues as arrears of land revenue.

Key Points

  • Recovery Certificate No. RC9021 of 2026 issued against Raj Kumar Nemani and Sons HUF (PAN: AAHHR0158K)
  • Application/Proceeding Numbers: A.P. 15301 and 15302 of 2026
  • Certificate relates to non-payment of penalty imposed in the Illiquid Stock Options matter
  • Issued under Section 28A of the Securities and Exchange Board of India Act, 1992
  • Certificate forwarded to the concerned Recovery Officer / District Collector for enforcement

Regulatory Changes

No new regulatory changes introduced. This is an enforcement action under existing provisions of the SEBI Act, 1992.

Compliance Requirements

  • The named entity (Raj Kumar Nemani and Sons HUF) is required to pay the outstanding penalty amount as specified in the underlying adjudication order
  • Failure to comply may result in coercive recovery action by the designated Recovery Officer, including attachment of assets
  • The entity may approach SEBI or the Securities Appellate Tribunal (SAT) to challenge the recovery if not already done

Important Dates

  • Certificate issued: April 24, 2026
  • Underlying matter: Illiquid Stock Options (BSE) — adjudication orders issued in prior years

Impact Assessment

This recovery certificate has no broad market or systemic impact. It is a targeted enforcement action against a single Hindu Undivided Family entity (Raj Kumar Nemani and Sons HUF) that allegedly participated in illiquid stock options trading on BSE. SEBI has issued hundreds of similar recovery certificates in this ongoing enforcement series. The action signals continued regulatory follow-through on unpaid penalties from the illiquid stock options matter, reinforcing deterrence for market manipulation through derivatives.

Impact Justification

Routine SEBI recovery certificate against a single HUF entity for unpaid penalty in the well-established illiquid stock options enforcement series; no market-wide or systemic impact.