Description

SEBI has issued a Notice of Demand under Recovery Certificate No. 9100 of 2026 dated May 04, 2026 against Tarun Kumar Ghai (PAN: AAIPG1916F), a defaulter in the matter of Illiquid Stock Options (ISO) at BSE, directing recovery of dues.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. 9100 of 2026, dated May 04, 2026, against Tarun Kumar Ghai (PAN: AAIPG1916F). The notice relates to the matter of Illiquid Stock Options (ISO) at BSE, in which Ghai has been identified as a defaulter and directed to pay outstanding dues to SEBI.

Key Points

  • Recovery Certificate No. 9100 of 2026 dated May 04, 2026 has been issued by SEBI against Tarun Kumar Ghai (PAN: AAIPG1916F).
  • The defaulter is associated with violations in the matter of Illiquid Stock Options (ISO) traded at BSE.
  • This Notice of Demand requires the defaulter to remit the outstanding recovery amount to SEBI.
  • Non-compliance with the notice may result in further enforcement action including attachment of assets.

Regulatory Changes

No new regulatory changes are introduced. This is an enforcement action pursuant to existing SEBI recovery and enforcement powers under the SEBI Act and relevant regulations governing illiquid stock options.

Compliance Requirements

  • Tarun Kumar Ghai (PAN: AAIPG1916F) is required to pay the amount specified in Recovery Certificate No. 9100 of 2026 to SEBI.
  • Payment must be made within the timeline stipulated in the notice to avoid further enforcement proceedings.
  • Failure to comply may result in attachment and sale of movable and immovable assets.

Important Dates

  • Recovery Certificate Date: May 04, 2026
  • Circular/Notice Date: May 04, 2026

Impact Assessment

This is an individual enforcement action with no broad market impact. It does not affect general investors, listed companies, or market operations. The action is part of SEBI’s ongoing enforcement efforts to recover dues from defaulters in the Illiquid Stock Options at BSE matter, which has seen multiple recovery certificates issued in 2025-2026.

Impact Justification

Individual enforcement action against a single defaulter for illiquid stock options violations at BSE; no broad market or systemic impact.