SEBI has issued a Notice of Demand under Recovery Certificate No. RC9090 of 2026 against Sandeep Agarwal HUF (PAN: AAVHS6180G) in the matter of Illiquid Stock Options. This notice requires the entity to pay the outstanding penalty amount as determined by SEBI’s adjudication proceedings. The Recovery Certificate empowers SEBI to recover the demand as arrears of land revenue.

Key Points

• Recovery Certificate No. RC9090 of 2026 issued against Sandeep Agarwal HUF (PAN: AAVHS6180G)
• Notice of Demand issued for non-payment of penalty in the Illiquid Stock Options matter
• SEBI is empowered to recover dues as arrears of land revenue under Section 28A of the SEBI Act, 1992
• The entity is required to pay the demanded amount immediately to avoid further recovery action
• Non-compliance may result in attachment and sale of assets

Regulatory Changes

No new regulatory changes. This is an enforcement/recovery action under existing provisions of the SEBI Act, 1992 (Section 28A) and the SEBI (Recovery of Amounts) Rules.

Compliance Requirements

• Sandeep Agarwal HUF must pay the full demand amount specified in the Recovery Certificate
• Payment must be made to SEBI within the stipulated timeframe mentioned in the notice
• Failure to comply will result in coercive recovery measures including attachment of bank accounts, properties, and other assets
• The entity should contact SEBI’s Recovery and Refund division for payment details

Important Dates

• Recovery Certificate issued: April 2026
• Notice of Demand date: April 20, 2026
• Payment deadline: As specified in the notice (typically 15-30 days from date of notice)

Impact Assessment

This enforcement action is limited in scope, targeting a single Hindu Undivided Family (HUF) entity — Sandeep Agarwal HUF — for violations related to trading in Illiquid Stock Options. The action is part of SEBI’s broader and ongoing enforcement campaign against entities found to have manipulated or engaged in non-genuine trading in illiquid stock options on Indian exchanges. There is no direct impact on broader markets or other market participants. The issuance of a Recovery Certificate indicates that an earlier adjudication order levying penalty has already been passed and the entity failed to pay voluntarily, prompting this coercive recovery step.