Description
SEBI issues Notice of Demand under Recovery Certificate No. RC9116 of 2026 against Shilush Trading Private Limited (PAN: AALCS0075M) for penalties imposed in the matter of manipulation in the Illiquid Stock Options segment.
Summary
SEBI has issued a Notice of Demand under Recovery Certificate No. RC9116 of 2026 against Shilush Trading Private Limited (PAN: AALCS0075M). The notice arises from SEBI’s enforcement proceedings in the matter of manipulation in the Illiquid Stock Options segment of BSE. Recovery certificates are legal instruments issued by SEBI to compel payment of outstanding penalties, disgorgement amounts, or other dues.
Key Points
- Recovery Certificate No. RC9116 of 2026 issued against Shilush Trading Private Limited
- Entity PAN: AALCS0075M
- Relates to SEBI’s Illiquid Stock Options manipulation enforcement action
- Notice of Demand requires the entity to pay the outstanding amount or face further coercive recovery measures
- Part of SEBI’s ongoing enforcement wave targeting entities that operated in the illiquid options segment of BSE
Regulatory Changes
No new regulatory changes are introduced. This is a coercive enforcement instrument under SEBI’s existing powers to recover monetary penalties through recovery certificates, as provided under the SEBI Act and the SEBI (Recovery of Amounts) Rules.
Compliance Requirements
- Shilush Trading Private Limited is required to satisfy the outstanding demand specified in Recovery Certificate RC9116 of 2026
- Failure to comply may result in attachment and sale of assets, garnishee proceedings, or other enforcement actions under SEBI’s recovery powers
- No compliance obligations arise for other market participants from this notice
Important Dates
- Notice issued: May 2026
- Recovery Certificate: RC9116 of 2026
- Payment deadline: As specified in the demand notice served on the entity (not publicly disclosed in this document)
Impact Assessment
This notice has no direct impact on broader market participants, listed companies, or intermediaries. It is an enforcement action confined to Shilush Trading Private Limited. The Illiquid Stock Options matter has been one of SEBI’s largest enforcement campaigns, involving hundreds of entities found to have engaged in synchronized/fictitious trading in BSE’s illiquid options segment to generate artificial losses or profits. Recovery certificates and notices of demand of this type are being issued in large numbers as SEBI seeks to recover penalties from adjudicated entities.
Impact Justification
Routine enforcement action — notice of demand under a recovery certificate targeting a specific private entity for penalties in the Illiquid Stock Options manipulation matter. No systemic regulatory change; impact confined to the named party.