SEBI has issued Recovery Certificate No. 9086 of 2026 dated April 16, 2026 against Ravi Ludhiyani HUF (PAN: AAQHR9636F) as a defaulter in the matter of dealing in illiquid stock options on BSE. This notice of demand is part of SEBI’s ongoing enforcement and recovery proceedings against entities found to have engaged in irregular trading in illiquid stock options.

Key Points

• Recovery Certificate Number: RC 9086 of 2026
• Date of Issue: April 16, 2026
• Defaulter: Ravi Ludhiyani HUF
• PAN of Defaulter: AAQHR9636F
• Related Matter: Dealing in Illiquid Stock Options on BSE
• Action Type: Notice of Demand for recovery

Regulatory Changes

No regulatory changes announced. This is an enforcement action under existing SEBI recovery provisions pursuant to prior adjudication orders in the illiquid stock options matter on BSE.

Compliance Requirements

• Ravi Ludhiyani HUF is required to comply with the recovery demand issued by SEBI within the stipulated timeline
• Failure to comply may result in further enforcement actions including asset attachment, prohibitory orders, and other recovery proceedings
• The entity must settle outstanding dues as determined by SEBI in relation to the illiquid stock options matter on BSE

Important Dates

• Recovery Certificate Issue Date: April 16, 2026
• Notice of Demand Date: April 16, 2026

Impact Assessment

For Ravi Ludhiyani HUF:

• High compliance impact as the entity is identified as a defaulter
• Potential recovery proceedings including asset attachment if demand is not met
• Reputational impact from being publicly identified as a defaulter in the illiquid stock options matter

Market Impact:

• Limited direct market impact as this is an individual enforcement action
• Part of SEBI’s broader crackdown on illiquid stock options trading irregularities on BSE
• Signals SEBI’s continued enforcement and recovery actions in the illiquid options segment

Operational Impact:

• The defaulter entity faces potential restrictions and recovery proceedings
• May face difficulties in obtaining regulatory approvals or conducting market activities
• Investors and counterparties should exercise caution when dealing with the identified defaulter