SEBI Issues Demand Notice: Trader Faces ₹11.37 Lakh Liability Over Defaulted Recovery Certificate from Delta Leasing and Finance Ltd.
The Securities and Exchange Board of India (SEBI) has issued a formal Notice of Demand under Recovery Certificate number 9163 of 2026. The notice targets Mr. Praveen Goyal, the Proprietor of Shivam Trading Company. This action relates to recovery dues owed to Delta Leasing and Finance Ltd., highlighting stringent measures being enforced by SEBI against defaulting parties in financial dealings.Breakdown of Financial Dues under Recovery Certificate
The certificate certifies that a total sum of ₹11,37,000/- is due to SEBI from Mr. Goyal, along with applicable interest, costs, and expenses incurred during the recovery proceedings. This comprehensive figure covers several components stemming from penalty orders previously imposed by the WTM in the matter of Delta Leasing and Finance Ltd.The dues are broken down as follows: A penalty amounting to ₹8,00,000/- was imposed based on an Order dated January 31, 2023. Furthermore, a significant amount of ₹3,36,000/- has been levied as interest, calculated at 1% per month from January 2023 to June 2026. Minimal recovery costs amounting to ₹1,000/- complete the total liability.
Strict Deadline and Recovery Directives for Debtor
Mr. Goyal is hereby directed to remit the full amount of ₹11,37,000/ within a strict period of 15 days from receiving the notice. Payments must be made via direct credit using methods such as EFT, NEFT, or RTGS to the designated ICICI Bank account (A/c No. SEBIRRDPEN9163). Alternatively, payment can be processed through the online facility on the SEBI website.The notice clearly outlines severe consequences for failure to comply with the demand within the specified timeframe. If the amount is not paid, the Recovery Officer will proceed to recover the dues in accordance with Section 28A of the SEBI Act and Section 23JB of the Securities Contracts (Regulation) Act (SCRA).
Penalties and Restrictions on Property Dealing
The recovery proceedings invoke several powerful mechanisms under Indian law. These mechanisms include the attachment and sale of movable property, the attachment of bank accounts, or even arrest and detention in prison. The severity of the notice underscores SEBI's determination to recover the outstanding financial obligations.Crucially, the document advises that Mr. Goyal is not competent to mortgage, charge, lease, or otherwise deal with any property belonging to him without explicit permission from the Recovery Officer. Any transfer executed under these circumstances will be deemed void as per the relevant provisions of the Income-tax Act and SEBI regulations.
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