SEBI’s Recovery and Refund Department (Recovery Division II) has issued a Remittance Order directing all banks and mutual funds in India to remit the attached funds of defaulter Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P) under Attachment Proceedings Nos. 15228 and 15229 of 2026 linked to Recovery Certificate No. 9036 of 2026.

Key Points

• Recovery Certificate No. 9036 of 2026 was issued on February 20, 2026 against Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P)
• Original total dues: Rs. 6,85,000/- (Rupees Six Lakh Eighty-Five Thousand Only)
• Outstanding dues as on date of this order: Rs. 7,03,000/- (Rupees Seven Lakh Three Thousand Only), inclusive of interest and charges
• Attachment Proceeding Nos. 15228 and 15229 of 2026 cover bank/demat accounts and mutual fund folios
• Notice of Demand was sent to defaulter on February 20, 2026; Notices of Attachment of Bank Accounts were issued on March 11, 2026
• Remittance to be made via EFT/NEFT/RTGS to SEBI account: SEBIRRDPEN9036 at ICICI Bank (IFS Code: ICIC0000106)

Regulatory Changes

No new regulatory changes. This order is issued in exercise of powers under Section 28A and 28B of the SEBI Act, 1992 (as amended by the Securities Laws (Amendment) Act, 2014) read with Sections 220–227, 228A, 229, 232, the Second and Third Schedules to the Income Tax Act, 1961, and the Income Tax (Certificate Proceedings) Rules, 1962.

Compliance Requirements

• All banks and mutual funds in India must check if Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P) holds any account or folio with them
• If funds are held, they must be remitted forthwith to SEBI via EFT/NEFT/RTGS to Account No. SEBIRRDPEN9036, ICICI Bank, IFS Code: ICIC0000106
• After remittance, intimation must be sent by email to kapilsankhla@sebi.gov.in and pankajs@sebi.gov.in with case name, payee name, date, amount, transaction number, and bank details
• If the defaulter holds no account or folio, no response to SEBI is required

Important Dates

• February 20, 2026: Recovery Certificate No. 9036 of 2026 issued; Notice of Demand sent to defaulter
• March 11, 2026: Notices of Attachment of Bank Accounts issued to banks
• May 5, 2026: Remittance Order issued; remittance required forthwith

Impact Assessment

This is a targeted individual enforcement and recovery action with no broad market impact. Only financial institutions holding accounts or folios in the name of Thakrar Diptiben Maheshbhai (PAN: BUCPT0506P) are operationally affected. The matter is routine debt recovery under SEBI’s enforcement framework.

SEBI’s Recovery Officer (Recovery and Refund Department, Recovery Division II) has issued a Remittance Order dated May 5, 2026, directing all banks and mutual funds in India to remit amounts attached from accounts of Kirtibhai Chavda (Proprietor, Shreesons Enterprise) {PAN: BWXPC9835P} to SEBI. The outstanding dues as on date are Rs. 56,43,523/- (Rupees Fifty-Six Lakh Forty-Three Thousand Five Hundred Twenty-Three only).

Key Points

• Recovery Certificate No. 9037 of 2026 was issued on February 20, 2026 against Kirtibhai Chavda (Proprietor, Shreesons Enterprise) for total dues of Rs. 54,98,843/-
• Attachment Proceedings Nos. 15230 and 15231 of 2026 directed attachment of bank/demat accounts and mutual fund folios
• Outstanding dues have increased to Rs. 56,43,523/- as on the date of this remittance order due to accrued interest and charges
• Banks and mutual funds are directed to remit attached amounts via EFT/NEFT/RTGS to SEBI’s designated account (A/c No. SEBIRNCIS9037, Bank of India, IFS Code: BKID00VAN04)
• Remittance details must be communicated to kapilsankhla@sebi.gov.in / pankajs@sebi.gov.in
• Institutions where the defaulter holds no accounts are not required to respond

Regulatory Changes

No new regulatory changes. This order is issued under existing powers conferred by:

• Section 28A and 28B of the SEBI Act, 1992 (as amended by the Securities Laws (Amendment) Act, 2014)
• Sections 220–227, 228A, 229, 232 and the Second and Third Schedules to the Income Tax Act, 1961
• Income Tax (Certificate Proceedings) Rules, 1962

Compliance Requirements

• All banks and mutual funds in India must check whether they hold any account or folio in the name of Kirtibhai Chavda (Proprietor, Shreesons Enterprise) {PAN: BWXPC9835P}
• If accounts/folios exist with attached funds, remit amounts forthwith via EFT/NEFT/RTGS to A/c No. SEBIRNCIS9037, Bank of India (IFS Code: BKID00VAN04)
• Submit remittance details (case name, RC number, payee name, date of payment, amount, transaction number, bank details) by email to SEBI’s designated officers
• Institutions with no accounts/folios for the defaulter need not inform SEBI

Important Dates

• February 20, 2026: Recovery Certificate No. 9037 of 2026 issued; Notice of Demand sent to defaulter
• March 11, 2026: Notices of Attachment of Bank Accounts issued to financial institutions
• May 5, 2026: Remittance Order issued; banks/mutual funds directed to remit amounts immediately

Impact Assessment

This is a targeted enforcement and recovery action with no broad market impact. The order affects only financial institutions that happen to hold accounts or folios belonging to Kirtibhai Chavda (Shreesons Enterprise). The total recovery amount of Rs. 56,43,523/- is relatively modest. Affected institutions must act promptly to comply with the remittance directive to avoid regulatory non-compliance.