SEBI issued a Notice of Demand under Recovery Certificate No. 9089 of 2026, dated April 21, 2026, to Sitaram Jayant (PAN: AXUPJ6002E) in the matter of Illiquid Stock Options (ISO) at BSE. This notice is part of SEBI’s ongoing enforcement and recovery proceedings against entities found to have violated securities regulations in connection with illiquid stock options trading at BSE.

Key Points

• Recovery Certificate No. 9089 of 2026 issued on April 21, 2026
• Defaulter: Sitaram Jayant (PAN: AXUPJ6002E)
• Matter relates to Illiquid Stock Options (ISO) at BSE
• Notice of Demand issued as part of SEBI’s recovery proceedings
• SEBI is exercising its powers under the SEBI Act/SEBI (Recovery of Amounts) Rules to enforce dues

Regulatory Changes

No new regulatory changes. This document is an enforcement action under existing SEBI recovery framework.

Compliance Requirements

• The defaulter (Sitaram Jayant) is required to pay the demanded amount as specified in the recovery certificate within the stipulated time period
• Failure to comply may result in further coercive recovery measures including attachment of assets
• The defaulter may contest the demand through applicable legal remedies

Important Dates

• Recovery Certificate Date: April 21, 2026
• Notice of Demand issued: April 21, 2026

Impact Assessment

This notice has minimal broader market impact as it is directed at a single individual defaulter (Sitaram Jayant) in the well-documented ISO at BSE enforcement matter. SEBI has been systematically issuing multiple recovery certificates in this matter against various entities found to have engaged in manipulative trading in illiquid stock options at BSE. The action reinforces SEBI’s continued enforcement posture in recovering penalties and dues from defaulters in the ISO matter.