SEBI Issues Massive Demand Notice: Four Individuals Face Over ₹24 Crore Liability in Sunchan Securities Matter

SEBI Issues Massive Demand Notice: Four Individuals Face Over ₹24 Crore Liability in Sunchan Securities Matter​

Regulatory Action Intensifies as SEBI Demands Disgorgement and Recovery​

The Securities and Exchange Board of India (SEBI) has issued a critical Notice of Demand dated June 02, 2026. The notice addresses four individuals—Ashok Daswani, Kanchan Mansinghani, Sunil Mansinghani, and Surendra Gama Yadav—in connection with the matter involving Sunchan Securities Limited. This action underpins regulatory scrutiny concerning past financial conduct within the securities market.

The certificate pertains to the recovery of funds as stipulated by Section 28A of the SEBI Act, 1992, read with Section 222 of the Income Tax Act, 1961. The outcome signifies a significant enforcement action taken by the regulator against those named in the documentation.

Breakdown of the Financial Liability​

SEBI has certified that a total sum of ₹24,11,28,108.15 is due to SEBI from the named individuals. This total amount includes disgorged funds, accrued interest, and associated recovery costs. The liability details are provided under Certificate No. 9132 of 2026.

The primary component of the dues relates to an amount directed to be disgorged by WTM vide Order No. WTM/PS/03/MIRSD-2/APR/2014, which totals ₹9,76,22,310.99. The remaining sum consists of interest and recovery costs.

Interest Calculation and Total Recovery Cost​

A substantial portion of the current demand is driven by accrued interest on the disgorgement amount. The notice specifies an interest calculation from April 2014 to June 2026 at a rate of 1% per month. This interest alone amounts to ₹14,35,04,797.16.

The total recovery cost specified in the notice is minimal at ₹1,000.00. When combining the disgorged amount, the accrued interest, and the costs, the grand total demand stands at ₹24,11,28,108.15 (Rupees Twenty-Four Crore Eleven Lakh Twenty-Eight Thousand One Hundred Eight and Fifteen Paisa Only).

Compliance Deadline and Recovery Mechanism​

The individuals are strictly directed to pay the entire amount within 15 days of receiving this notice. Payment must be made via direct credit through EFT/NEFT/RTGS to A/c No. SEBIRNCIS9132 of Bank of India, IFS Code BKID00VKN04, or through the designated payment module on the SEBI website.

Failure to adhere to this timeframe will trigger severe enforcement actions by the Recovery Officer. These actions include several recovery modes prescribed under Section 28A of the SEBI Act and related sections of the Income-tax Act, 1961.

Potential Enforcement Actions and Asset Restrictions​

If the dues remain unpaid, SEBI possesses multiple avenues for recovery. These include the attachment and subsequent sale of movable property or immovable assets belonging to the defaulters. Bank account attachment is also a prescribed measure.

Furthermore, the notice warns that non-payment could lead to arrest and detention in prison, as permitted under the regulatory framework. The Recovery Officer is also empowered to appoint a receiver for the management of both movable and immovable properties.

Implications Regarding Transferring Assets​

The notice outlines specific restrictions concerning property transfer post the date of the notice (April 23, 2014). Any direct or indirect transfer of property or monies held in bank accounts to a spouse, minor child, son's wife, or son's minor child—unless done for adequate consideration—is deemed for recovery purposes.

These individuals are also advised that upon service of the notice, they are not competent to mortgage, charge, lease, or deal with any property belonging to them without explicit permission from the Recovery Officer. Any such unauthorized transfer would be considered void.