Description

SEBI issues a Notice of Demand under Recovery Certificate No. RC9114 of 2026 against Shanti Bhutra (PAN: AHRPB8152A) for recovery of dues arising from the Illiquid Stock Options enforcement matter.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. RC9114 of 2026 against Shanti Bhutra (PAN: AHRPB8152A) in connection with the Illiquid Stock Options enforcement matter. This notice directs the recovery of monetary dues as determined by SEBI’s adjudicating authority.

Key Points

  • Recovery Certificate No. RC9114 of 2026 issued against Shanti Bhutra (PAN: AHRPB8152A)
  • Part of SEBI’s ongoing enforcement action in the Illiquid Stock Options matter on BSE
  • Notice of Demand formally communicates the outstanding dues payable to SEBI
  • Issued under SEBI’s recovery proceedings framework
  • Part of a batch of simultaneous recovery notices (RC9111–RC9116) issued in May 2026

Regulatory Changes

No new regulatory changes. This is an enforcement/recovery action under existing SEBI regulations and the SEBI Act.

Compliance Requirements

  • Shanti Bhutra (PAN: AHRPB8152A) is required to pay the demanded amount as specified in the Recovery Certificate
  • Failure to comply may result in further enforcement action including attachment of assets
  • The respondent must respond to the Notice of Demand within the timeframe stipulated in the notice

Important Dates

  • Notice Date: May 14, 2026
  • Recovery Certificate: RC9114 of 2026
  • Payment deadline: As specified in the accompanying Recovery Certificate

Impact Assessment

This notice has no broader market impact. It is an individual recovery action confined to the named respondent, Shanti Bhutra, arising from past violations in the Illiquid Stock Options segment on BSE. The Illiquid Stock Options matter involved entities alleged to have executed non-genuine trades to generate artificial volumes and book fictitious profits or losses. Market participants not named in recovery proceedings are unaffected.

Impact Justification

Individual enforcement/recovery action against a single entity (Shanti Bhutra) under the Illiquid Stock Options matter. No broader market policy change; impact is confined to the named respondent.