SEBI has issued Recovery Certificate No. RC9020 of 2026 and initiated Attachment Proceedings bearing A.P. Nos. 15267 & 15268 of 2026 against Moti Lal Baid (PAN: ADEPB8535G) in connection with the Illiquid Stock Options matter. This order follows the earlier Notice of Demand issued on February 9, 2026 under the same recovery certificate, and represents an escalation of enforcement proceedings to recover unpaid penalties through attachment of assets.

Key Points

• Recovery Certificate No. RC9020 of 2026 issued against Moti Lal Baid (PAN: ADEPB8535G)
• Attachment Proceedings A.P. Nos. 15267 & 15268 of 2026 initiated
• Proceedings relate to the Illiquid Stock Options enforcement matter
• This is a follow-up action after the Notice of Demand issued in February 2026
• SEBI is pursuing recovery of dues/penalties through attachment of assets

Regulatory Changes

No new regulatory changes. This is an individual enforcement and recovery action under SEBI’s existing powers to recover penalties through attachment proceedings.

Compliance Requirements

• Moti Lal Baid is required to comply with the recovery certificate and settle outstanding dues
• Any assets subject to attachment are frozen pending recovery of amounts owed to SEBI
• Financial institutions and depositories may be directed to freeze/attach assets of the named individual
• Non-compliance may result in further enforcement measures

Important Dates

• Date of Order: April 10, 2026
• Earlier Notice of Demand: February 9, 2026 (RC9020 of 2026)
• A.P. Nos. 15267 & 15268 of 2026 filed under this certificate

Impact Assessment

This order has a targeted impact limited to the named individual, Moti Lal Baid. It forms part of SEBI’s broader enforcement campaign against participants in the Illiquid Stock Options segment who were found to have engaged in manipulative or fraudulent trading practices. The escalation from Notice of Demand to Attachment Proceedings indicates non-compliance with the earlier demand. There is no direct market-wide impact; however, continued enforcement actions in this matter signal SEBI’s sustained commitment to recovering penalties from all violators identified in the Illiquid Stock Options case.