SEBI Directs Massive ₹79.85 Lakh Remittance; Banks Must Action Funds Under New General Order
The Securities and Exchange Board of India (SEBI) has issued a stringent General Remittance Order, mandating all banks and mutual funds to remit funds belonging to specific defaulters. The directive, dated April 29, 2026, concerns the recovery of substantial dues totaling Rs. 79,85,836.42/-.The order, issued under RC No. 9057 of 2026, targets three individuals: Prijesh A. Kurani, Ashish P. Shah, and Nishil K. Malde. The move underlines SEBI's robust enforcement measures in safeguarding investor and regulatory dues.
SEBI Issues General Remittance Order to Financial Institutions
The notice is addressed to the Principal Officer / Chairman & Managing Director / CEO of all Banks and Mutual Funds across India. It mandates the immediate transfer of amounts lying in the accounts or units held by the named defaulters.Previously, the Recovery Officer had attached the bank, demat, and mutual fund folios of the individuals against a total due of Rs. 78,61,313.44/-. This initial attachment was related to Recovery Certificate No. 9057 of 2026.
However, the current liability has since increased. The order specifies that the current dues from the defaulters, as of the date of the notice, stand at a higher amount of Rs. 79,85,836.42/-.
Mandate for Immediate Funds Transfer
Financial institutions are hereby directed to remit the full current dues amount, Rs. 79,85,836.42/-, forthwith to SEBI. This must be accomplished via direct credit using EFT, NEPT, or RTGS.The specific beneficiary account details provided are A/c No. SEBIRNDSG9057 of Bank of India, with IFSC Code: BKIDOOVAN04. Failure to provide confirmation of e-payment using the stipulated format will result in the credit amount not being accounted towards the recovery dues.
Legal Basis and Compliance Requirements
SEBI’s action is taken by exercising powers conferred under Section 28A of the SEBI Act, 1992. This authority is buttressed by various sections, including Section 220 to 227, 228A, 229, 232, and the Second and Third Schedules to the Income-tax Act 1961.The process followed a staggered notification system. A Notice of Demand was sent on March 09, 2026, followed by a Notice of Attachment of Accounts and Funds issued on March 25, 2026.
The remittance is legally binding on the financial institutions holding the accounts of the three defaulters. Any accounts or folios that do not exist with the receiving bank or mutual fund need not be reported to SEBI.
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