SEBI has issued a Notice of Demand dated May 14, 2026 under Recovery Certificate No. RC9113 of 2026 against Rukmani Devi Poddar (PAN: AFOPP5613B) in the matter of dealing in Illiquid Stock Options. This notice demands payment of outstanding dues arising from a prior SEBI adjudication or SAT order related to the illiquid stock options fraud at BSE.

Key Points

• Party: Rukmani Devi Poddar (PAN: AFOPP5613B)
• Recovery Certificate No.: RC 9113 of 2026
• Notice Date: May 14, 2026
• Matter: Dealing in Illiquid Stock Options at Bombay Stock Exchange (BSE)
• Authority: Securities and Exchange Board of India (SEBI) – Enforcement/Recovery Proceedings
• This notice is part of SEBI’s ongoing recovery actions against entities found to have participated in the illiquid stock options segment at BSE, which was the subject of a broad enforcement sweep.

Regulatory Changes

No new regulatory changes are introduced. This is an enforcement action under SEBI’s existing recovery and certificate mechanism, pursuant to Section 28A of the SEBI Act, 1992, which empowers SEBI to recover dues as arrears of land revenue.

Compliance Requirements

• The noticee (Rukmani Devi Poddar) is required to pay the outstanding demand amount specified in the Recovery Certificate within the timeframe stated in the notice.
• Failure to comply may result in attachment and sale of properties, arrest, and other coercive recovery measures under the applicable law.
• The noticee may approach SEBI or the relevant authority to dispute or settle the demand if grounds exist.

Important Dates

• Notice of Demand Date: May 14, 2026
• Recovery Certificate Date: As per RC No. 9113 of 2026
• Payment Deadline: As specified in the notice (refer to the original PDF for exact deadline)

Impact Assessment

This notice has no broad market impact. It is a targeted enforcement/recovery action against a single individual (Rukmani Devi Poddar) for her role in illiquid stock options dealings at BSE. The illiquid stock options matter has been a long-running SEBI enforcement initiative; this notice represents one of many individual recovery actions in that series. Investors and market participants not involved in illiquid stock options dealings at BSE are unaffected.