SEBI Moves to Seize Assets: Notice Issued to Attach Demat, Bank Accounts of Sanchi Research

SEBI Moves to Seize Assets: Notice Issued to Attach Demat, Bank Accounts of Sanchi Research​

The Securities and Exchange Board of India (SEBI) has taken significant punitive action, issuing notices to attach the assets of M/s Sanchi Research. The order, dated April 10, 2026, mandates the attachment of the company's holdings across multiple financial institutions.

The directives are addressed to major clearing corporations, mutual fund houses, and all banks nationwide. This action relates to the recovery of dues amounting to ₹ 6,73,000 against the proprietor, Mr. Ramgopal Set.

Details of the Attached Financial Liabilities​

The recovery action is predicated on a Recovery Certificate No. 7671 of 2024, initially drawn up on February 20, 2024. The total recoverable sum stands at ₹ 6,73,000.

This total amount is comprised of specific components detailed in the SEBI notices. The primary component is a penalty imposed by the Whole Time Member via order no. WTM/SM/WRO/ 24649/2022-23 dated March 16, 2023, amounting to ₹ 6,00,000.

The remaining amounts detail accrued interest and recovery costs. Interest calculated from March, 2023, to February, 2024, at a rate of 1% per month totals ₹ 72,000. Furthermore, recovery costs have been assessed at ₹ 1,000.

Scope of SEBI's Asset Attachment Directives​

SEBI's directive covers a comprehensive sweep of financial assets associated with M/s Sanchi Research. The notice mandates the immediate attachment of all Demat Accounts held by the defaulter, irrespective of whether they are held singly or jointly.

Equally comprehensive is the attachment order for the mutual fund segment. The notice specifically directs the attachment of all Mutual Fund folios associated with Mr. Ramgopal Set.

The attachment order also extends to banking assets. All accounts and lockers held with the concerned banks are ordered attached to the extent of the total dues of ₹ 6,73,000.

Operational Directives for Financial Institutions​

The notices issued to depositories, fund houses, and banks carry stringent operational instructions. In all covered accounts and folios, no debit is permitted until further orders from the Recovery Officer. However, any legitimate credits into these accounts may continue to be allowed.

Financial institutions are directed to provide detailed compliance reports to SEBI. Within 15 days of receiving the notice, they must submit copies of the account statements.

Additionally, banks are required to provide details of all accounts, including lockers, along with statements for the latest one year. This also includes complete details of any loan or advance accounts and the assets charged against them.

Consequences of Non-Compliance and Monitoring​

SEBI has established clear mechanisms for monitoring compliance. If a financial institution fails to respond within the stipulated 15 days, it will be presumed that the defaulter holds no accounts or folios with that entity.

Furthermore, the notices empower SEBI to enforce continuous monitoring. All concerned parties are mandated to immediately attach any new accounts or folios opened post-issuance of the attachment notice and intimate the details accordingly.

These directives are issued in exercise of powers vested under section 28A (1), 11(2) (ia) of the SEBI Act, 1992, read with relevant sections of the Income-tax Act, 1961.

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