Description

SEBI recovery certificate RC9047 of 2026 issued pursuant to adjudication proceedings (A.P. Nos. 15309 & 15310 of 2026) against Vijay Kumar Chaudhary (PAN: AFXPC6574P) for trading violations in the illiquid stock options segment.

Summary

SEBI has issued Recovery Certificate No. RC9047 of 2026 in connection with Adjudication Proceedings A.P. Nos. 15309 & 15310 of 2026 against Vijay Kumar Chaudhary (PAN: AFXPC6574P). The matter pertains to alleged manipulative or irregular trading activities in the illiquid stock options segment of Indian stock exchanges.

Key Points

  • Recovery Certificate (RC) No. RC9047 of 2026 issued by SEBI against Vijay Kumar Chaudhary (PAN: AFXPC6574P).
  • Adjudication Proceedings bearing A.P. Nos. 15309 & 15310 of 2026 form the basis for this certificate.
  • The matter relates to trading in illiquid stock options, a segment historically associated with tax evasion and circular trading schemes.
  • A monetary penalty has been confirmed and a recovery certificate issued to enforce collection.

Regulatory Changes

No new regulatory changes are introduced by this order. It is an enforcement action applying existing SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations and the Securities and Exchange Board of India Act, 1992.

Compliance Requirements

  • Vijay Kumar Chaudhary is required to pay the penalty amount specified in the adjudication order.
  • Failure to comply with the recovery certificate may result in further enforcement action including attachment of assets by the Recovery Officer.
  • Other market participants trading in options segments should ensure all transactions are genuine, commercially motivated, and compliant with SEBI regulations.

Important Dates

  • Order Date: April 2026 (exact date per original certificate document).
  • Recovery Certificate No. RC9047 of 2026 issued in April 2026.
  • A.P. Nos. 15309 & 15310 of 2026 refer to the underlying adjudication proceedings concluded prior to this certificate.

Impact Assessment

This is a targeted enforcement action against a single individual and has no direct market-wide impact. It is part of SEBI’s ongoing campaign to penalise entities that misused the illiquid stock options segment for generating artificial losses or booking fictitious profits. The broader enforcement series signals continued regulatory vigilance in derivatives market integrity, but individual investors and institutions not involved in illiquid options trading are unaffected.

Impact Justification

Individual-level enforcement action issuing a recovery certificate against a single named entity for illiquid stock options trading violations; no broad market or systemic impact.