SEBI Issues Strict Remittance Order as Sanjay V Mohare HUF Faces Demand for Dues Over Illiquid Stocks Options at BSE

SEBI Issues Strict Remittance Order as Sanjay V Mohare HUF Faces Demand for Dues Over Illiquid Stocks Options at BSE​

Regulatory Action Against Defaulter in Stock Market Dealing​

The Securities and Exchange Board of India (SEBI) has issued a General Remittance Order targeting the dues owed by Sanjay V Mohare HUF. This formal directive stems from Recovery Certificate No. 9146 of 2026, specifically addressing outstanding obligations related to dealings in Illiquid Stocks Options at BSE.

The action is directed toward all banks and mutual funds operating across India. SEBI has formally initiated the recovery process against the HUF regarding these financial commitments. This move underscores the board's commitment to maintaining regulatory compliance within stock market trading practices.

Details of Dues and Attachment Proceedings​

The original attachment proceedings, referenced under Proceeds Nos. 15512 and 15513 of 2026, were initiated against Sanjay V Mohare HUF (PAN: AAGHS4356D). These proceedings concern the repayment of financial obligations related to illiquid stocks options.

Initially, a recovery amount was set at Rs. 6,37,000.00. However, subsequent calculations have increased the total liability. As of the date of issuance, the current liabilities and dues from the Defaulter stand at Rs. 6,49,000.00.

SEBI Directs Banks for Immediate Remittance​

SEBI has mandated that all relevant financial institutions remit the outstanding amount forthwith. The order strictly directs banks and mutual funds to ensure the transfer of Rs. 6,49,000.00 against the stated dues.

The required remittance must be completed via direct credit through EFT/NEFT/RTGS into the designated SEBI account held at ICICI Bank. A failure to complete this payment immediately will prevent the credits from being accounted towards the outstanding dues.

Legal Basis and Compliance Requirements​

This direction is issued by SEBI in exercise of powers granted under section 28A of the SEBI Act, 1992. This includes sections related to Securities Laws (Amendment) Act, 2014 and relevant provisions of the Income-tax Act 1961.

The order requires institutional partners to intimate the remittance details via email to specified SEBI addresses in a structured format. The required information must include the name of payee, date of payment, amount paid, transaction number, and the bank details from which the payment was made.

Consequences for Non-Compliance​

SEBI has emphasized that prompt action is critical, noting the statutory basis for this recovery order. Banks and mutual funds are instructed to remit the full amount to SEBI as per the detailed directions provided in the certificate.

The order copy specifically names Kirtikumar Jadhav, General Manager & Recovery Officer at Securities and Exchange Board of India Mumbai, who issued the mandate on August 05, 2026. The notice also provides contact details for Sanjay V Mohare HUF concerning this recovery process.