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.