SEBI Orders Asset Attachment: ₹5 Lakhs Sought from Sushil Kumar Saraf Over Alleged Stock Option Defaults

SEBI Orders Asset Attachment: ₹5 Lakhs Sought from Sushil Kumar Saraf Over Alleged Stock Option Defaults​

The Securities and Exchange Board of India (SEBI) has issued a major directive ordering the attachment of bank accounts belonging to Sushil Kumar Saraf in connection with allegations related to illiquid stock options. The recovery order, released by the SEBI Eastern Regional Office on June 10, 2026, details the seizure action taken against the defaulter to recover outstanding dues.

The directive specifically targets all bank accounts held by Mr. Saraf, including any personal lockers or joint accounts across all banks in India. The order mandates that no debit shall be made into these accounts to the extent of the total amount due until further orders are issued by the Recovery Officer.

Scope and Nature of SEBI's Attachment Order​

The notice details the grounds for the recovery, stating that there is sufficient reason to believe that the defaulter might dispose of assets or proceeds held in bank accounts, causing delay or obstruction in realizing the debt owed under the specified certificate.

Under the power conferred by this order, all property and proceeds due or likely to become due to Sushil Kumar Saraf have been attached. The attachment action is exercised under Section 28A (1), 11(2)(ia) of SEBI Act, 1992, in conjunction with relevant sections of the Income Tax Act, 1961.

Detailed Breakdown of Recovery Dues​

The total amount due for recovery against Mr. Saraf amounts to ₹5,21,000/- (Rupees Five Lakh Twenty One Thousand Only). The dues are broken down into a substantial penalty imposed by the Adjudicating Officer.

Of the total outstanding sum, the bulk is constituted by a Penalty of ₹5,00,000/-, which was levied in response to proceedings related to illiquid stock options. This principal amount is supplemented by interest and ancillary charges.

The remaining components include Recovery Costs amounting to ₹1,000/-. Additionally, an interest component totaling ₹20,000/- has been calculated based on a 1% per month rate, covering the period from January 20, 2026, to April 8, 2026.

Obligations and Directions to Financial Institutions​

The notice issued by the Recovery Officer carries strict instructions for all participating banks. Banks are directed to immediately provide detailed information concerning every account held by Mr. Saraf, including those accounts registered as lockers.

Banks must confirm the attachment of these accounts and submit a statement of all accounts for the last one year. Furthermore, institutions holding any loan or advance accounts against the defaulter are required to furnish complete details of the assets charged against those specific loans.

If the defaulter does not possess any bank account or balance with the issuing financial institution, this fact must also be immediately informed via email to the designated recovery office at SEBI.