SEBI Mandates Banks to Remit Recovery Funds Against Defaulting Investor in BSE Matter
The Securities and Exchange Board of India (SEBI) has issued a formal Remittance Advice, directing all associated banks and mutual funds nationwide regarding a high-profile recovery case. The directive concerns Sitaram Jayant (PAN: AXUPJ6002E) in relation to an ISO matter at the BSE.This action falls under the exercise of powers conferred by Section 28A of the SEBI Act, 1992, as amended by the Securities Laws (Amendment) Act, 2014. The advisory solidifies the ongoing recovery process initiated against the defaulter.
Mandate to Financial Institutions for Fund Remittance
The Remittance Advice mandates that financial institutions holding accounts belonging to Sitaram Jayant must remit a specific outstanding amount directly to SEBI. This measure requires direct credit through EFT, NEFT, or RTGS into a designated ICICI Bank account managed by the SEBI Recovery Officer.This issuance comes following earlier communications from SEBI regarding attachment proceedings. The instruction is critical for concluding the recovery certificate process initiated against the investor.
Details of Outstanding Debt and Enforcement History
SEBI noted that the original Recovery Certificate No. 9089 of 2026 had previously directed the attachment of Sitaram Jayant’s bank accounts in connection with the BSE ISO matter. The initial due amount was recorded at Rs. 5,71,000/- (Rupees Five Lakh SeventyOne Thousand Only).Through subsequent procedures and accrual, SEBI has updated the current outstanding liability as on the date of the advisory. The total amount currently due for recovery stands at Rs. 5,81,000/- (Rupees Five Lac Eighty One Thousand Only), which includes interest, costs, and charges.
Compliance Requirements for Banks and Mutual Funds
The advice is directed to all Principals Officers/Chairmen & Managing Directors of the relevant financial institutions. These entities are hereby directed to remit the full amount of Rs. 5,81,000/- from the accounts held by Sitaram Jayant.Institutions must comply with the payment format provided in the advisory. The funds must be transferred directly into the SEBI account (A/c No.SEBIRRDPEN9089 of ICICI Bank) using the specified IFSC code and recovery number. Failure to confirm this e-payment will result in the credits not being accounted toward the dues.
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