Description

SEBI issues a release order under Recovery Certificate No. RC9048 of 2026 against Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A) in the Illiquid Stock Options matter, releasing attachments following recovery of dues.

Summary

SEBI’s Recovery Officer has issued a release order under Recovery Certificate No. RC9048 of 2026 against Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A) in the matter of Illiquid Stock Options. The release order directs that attachments previously placed on the assets or bank accounts of the named individuals be lifted, following their payment of the recovery dues outstanding under the certificate.

Key Points

  • Recovery Certificate No. RC9048 of 2026 was issued against Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A)
  • The release order confirms that the recovery amount specified in RC9048 has been paid/recovered
  • Attachments or freezes placed on the individuals’ assets/bank accounts in furtherance of RC9048 are directed to be released
  • The matter relates to SEBI’s long-running enforcement action in the Illiquid Stock Options segment on BSE, where entities were found to have engaged in reversal trades creating fictitious profits or losses
  • This order effectively closes the recovery proceedings against the two named individuals under this specific recovery certificate

Regulatory Changes

No new regulatory changes are introduced by this order. It is a closure/release order under SEBI’s recovery enforcement framework (SEBI Act, 1992 and SEBI (Recovery of Amounts) Rules), confirming resolution of dues for these specific parties.

Compliance Requirements

  • No new compliance obligations arise for the broader market from this order
  • The two named individuals are discharged from the recovery obligations under RC9048 of 2026 upon release
  • Market participants dealing in options must ensure trades reflect genuine economic intent; fictitious reversal trades in illiquid segments remain a continuing enforcement focus for SEBI

Important Dates

  • 2026: RC9048 of 2026 issued against Manas Taru Roy and Binit Agarwal
  • 4 May 2026: Release order issued by SEBI’s Recovery Officer

Impact Assessment

This order has no direct market impact. It is a retrospective enforcement closure confirming that Manas Taru Roy (PAN: AHEPR6586R) and Binit Agarwal (PAN: AMKPA6931A) have settled their recovery obligations under RC9048 of 2026. The Illiquid Stock Options matter remains one of SEBI’s largest enforcement exercises, with hundreds of entities investigated for alleged manipulation in illiquid BSE stock option contracts between 2014 and 2018. Individual release orders such as this one are issued routinely as respondents pay their dues; they signal compliance resolution rather than any new market concern.

Impact Justification

Retrospective enforcement closure releasing property attachment after recovery of dues in the long-running Illiquid Stock Options matter. No new regulatory obligations or market impact; affects only the two named individuals.