SEBI has issued a Notice of Demand under Recovery Certificate No. 9092 of 2026, dated April 28, 2026, against Makwana Jitubhai S HUF (PAN: AAKHM1435R) in the matter of dealing in illiquid stock options on BSE. This notice formally demands payment of outstanding dues arising from prior adjudication proceedings related to manipulation in the illiquid stock options segment at BSE.

Key Points

• Recovery Certificate No. 9092 of 2026 dated April 28, 2026 has been issued against Makwana Jitubhai S HUF.
• The defaulter entity is a Hindu Undivided Family (HUF) with PAN: AAKHM1435R.
• The matter pertains to dealing in illiquid stock options on BSE, a segment subject to widespread SEBI enforcement actions.
• The notice demands payment of penalty/recovery amounts as determined by prior SEBI adjudication orders.
• Non-compliance may lead to further coercive recovery measures under SEBI Act and SEBI (Recovery of Money) Regulations.

Regulatory Changes

No new regulatory changes are introduced. This is an enforcement/recovery action under existing SEBI powers pursuant to the SEBI Act and SEBI (Recovery of Money) Regulations, 2013.

Compliance Requirements

• Makwana Jitubhai S HUF (PAN: AAKHM1435R) is required to pay the demanded amount as specified in the recovery certificate within the stipulated time period.
• Failure to comply may result in attachment of assets, bank accounts, or other coercive recovery proceedings under applicable regulations.

Important Dates

• Recovery Certificate Date: April 28, 2026
• Notice of Demand Issued: April 28, 2026

Impact Assessment

This circular has minimal broader market impact. It is a targeted enforcement action against a specific HUF entity as part of SEBI’s ongoing recovery proceedings in the illiquid stock options manipulation matter at BSE. It does not affect trading rules, listing requirements, or general market operations. It is part of SEBI’s series of enforcement actions against entities found to have engaged in manipulative trading in the illiquid stock options segment on BSE.