Description
SEBI issues Recovery Certificate No. RC9027 of 2026 under Adjudication Proceedings Nos. 15305 & 15306 against Nina Nag (PAN: ADXPN7336E) in the matter of Illiquid Stock Options.
Summary
SEBI has issued Recovery Certificate No. RC9027 of 2026 in connection with Adjudication Proceedings Nos. 15305 & 15306 of 2026 against Nina Nag (PAN: ADXPN7336E) in the matter of Illiquid Stock Options. This certificate is part of SEBI’s ongoing enforcement actions to recover penalties and dues from entities found to have violated securities regulations through illiquid stock options trading.
Key Points
- Recovery Certificate Number: RC9027 of 2026
- Adjudication Proceedings Nos.: 15305 & 15306 of 2026
- Respondent: Nina Nag
- PAN: ADXPN7336E
- Matter: Illiquid Stock Options
- Action Type: Recovery Certificate issued under SEBI enforcement and recovery powers
- Part of a larger series of enforcement actions against multiple entities in the Illiquid Stock Options matter
Regulatory Changes
No new regulatory changes. This is an enforcement and recovery action under existing SEBI provisions for recovering dues from adjudication proceedings.
Compliance Requirements
Nina Nag is required to:
- Pay the penalty/dues demanded as specified in the Recovery Certificate RC9027 of 2026
- Comply with the terms set out in Adjudication Proceedings Nos. 15305 & 15306 of 2026
- Respond within the stipulated timeframe mentioned in the recovery proceedings
- Non-compliance may result in further enforcement measures including attachment of assets and other recovery actions under SEBI (Recovery of Amounts) Regulations
Important Dates
- Recovery Certificate Date: April 24, 2026
- Adjudication Proceedings: A.P. Nos. 15305 & 15306 of 2026
- Specific payment deadlines and response timelines are detailed in the Recovery Certificate document
Impact Assessment
This is an individual enforcement action with no direct broad market impact. The recovery certificate is specific to Nina Nag’s liability arising from the Illiquid Stock Options matter, which has been subject to extensive SEBI enforcement. This forms part of a larger batch of recovery certificates (RC9017–RC9062) issued in April 2026 against multiple individuals and entities in the same matter. Market participants not involved in illiquid stock options violations are unaffected. The action reflects SEBI’s continued commitment to enforcing penalties and recovering dues in the Illiquid Stock Options case.
Impact Justification
Individual enforcement action under SEBI's recovery proceedings for illiquid stock options violations. High severity for the named individual but limited broader market impact.