Description

SEBI issued a General Remittance Order dated May 12, 2026 under Recovery Certificate No. 7670 of 2024 directing banks and financial institutions to remit funds from accounts of M/s Sanchi Research and its proprietor Mr. Ramgopal Set towards recovery of dues.

Summary

SEBI issued a General Remittance Order (GRO) dated May 12, 2026 under Recovery Certificate No. 7670 of 2024 against M/s Sanchi Research, a proprietorship firm, and its proprietor Mr. Ramgopal Set. The order directs banks and financial institutions holding accounts of the defaulter to remit funds towards settlement of outstanding dues owed to SEBI.

Key Points

  • Recovery Certificate No. 7670 of 2024 was issued by SEBI against M/s Sanchi Research and its proprietor Mr. Ramgopal Set.
  • A General Remittance Order dated May 12, 2026 has been issued as an enforcement measure under this Recovery Certificate.
  • Banks and financial institutions are directed to remit funds held in the accounts of the named defaulter towards recovery of dues.
  • The GRO is issued under SEBI’s powers to recover amounts from defaulters as a certificate of recovery enforceable as an arrear of land revenue.

Regulatory Changes

No new regulatory changes are introduced. This order is an enforcement action executed under existing SEBI recovery and enforcement powers.

Compliance Requirements

  • Banks and financial institutions holding accounts of M/s Sanchi Research and/or Mr. Ramgopal Set are required to comply with the General Remittance Order and remit funds as directed.
  • Non-compliance with a GRO issued by SEBI may attract further enforcement action.

Important Dates

  • Recovery Certificate Date: 2024 (RC No. 7670 of 2024)
  • General Remittance Order Date: May 12, 2026

Impact Assessment

The impact of this order is confined to M/s Sanchi Research and its proprietor Mr. Ramgopal Set, and to banks or financial institutions holding their accounts. There is no broader market, trading, or systemic impact. This is a routine enforcement and recovery action by SEBI against a specific defaulter.

Impact Justification

Routine enforcement action targeting a specific defaulter (M/s Sanchi Research / Mr. Ramgopal Set) for recovery of dues under a 2024 Recovery Certificate. No broad market or systemic impact; relevant only to the named entity and its bankers.