Description

SEBI issued a Notice of Demand under Recovery Certificate No. 9111 of 2026 to Cheryl Shah (PAN: AWJPS0540A) for recovery of Rs. 8,73,000/- including penalty, interest, and costs arising from a WTM order dated September 24, 2025 in the matter of Seacoast Shipping Services Limited.

Summary

SEBI’s Recovery and Refund Department (Recovery Division II) has issued a Notice of Demand under Recovery Certificate No. 9111 of 2026 to Cheryl Shah (PAN: AWJPS0540A), residing in Ahmedabad, Gujarat. The notice demands recovery of Rs. 8,73,000/- in connection with a penalty imposed in the matter of Seacoast Shipping Services Limited via WTM Order dated September 24, 2025.

Key Points

  • Recovery Certificate No. 9111 of 2026 issued under Section 28A of the SEBI Act, 1992 read with Section 222 of the Income Tax Act, 1961
  • Total amount due: Rs. 8,73,000/- from Cheryl Shah (PAN: AWJPS0540A), Ahmedabad
  • Original penalty of Rs. 8,00,000/- imposed via WTM Order No. WTM/KV/CFID/CFID-CORD/31688/2025-26 dated September 24, 2025
  • Interest accrued from September 2025 to May 2026 at 1% per month: Rs. 72,000/-
  • Recovery cost: Rs. 1,000/-
  • Payment must be made within 15 days of receipt via EFT/NEFT/RTGS to SEBI Recovery Proceeds Account (A/c No. SEBIRRDPEN9111, ICICI Bank, IFSC: ICIC0000106) or via SEBI’s online portal

Regulatory Changes

No new regulatory changes introduced. This notice is an enforcement/recovery action under existing provisions of Section 28A of the SEBI Act, 1992 and the Second Schedule to the Income Tax Act, 1961.

Compliance Requirements

  • Cheryl Shah must pay Rs. 8,73,000/- within 15 days of receipt of this notice
  • Payment options: EFT/NEFT/RTGS to A/c No. SEBIRRDPEN9111 (ICICI Bank, IFSC: ICIC0000106), or via https://siportal.sebi.gov.in, or via SEBI Website > Enforcement > Recovery Proceedings > Pay Now
  • The noticee must not mortgage, charge, lease, or otherwise deal with any property without the Recovery Officer’s permission upon service of this notice
  • Any transfers of property or bank account monies to spouse, minor child, son’s wife, or son’s minor child without adequate consideration on or after September 24, 2025 will be deemed the noticee’s property for recovery purposes
  • E-payment confirmation must be forwarded to the Recovery Officer at SEBI Bhavan, BKC, Mumbai

Important Dates

  • Original WTM penalty order date: September 24, 2025
  • Interest calculation period: September 2025 to May 2026
  • Notice date: May 14, 2026
  • Payment deadline: Within 15 days of receipt of this notice

Impact Assessment

This is a targeted individual enforcement action with no direct market-wide impact. The recovery notice relates to a penalty imposed in the matter of Seacoast Shipping Services Limited. Failure to comply may result in attachment and sale of movable/immovable property, attachment of bank accounts, or arrest and detention. The notice has negligible broader market impact but signals continued SEBI enforcement activity in the Seacoast Shipping Services Limited matter.

Impact Justification

Individual enforcement/recovery action against a specific person; limited market-wide relevance. Impact is confined to the named individual and the specific matter of Seacoast Shipping Services Limited.