SEBI releases list of 25 defaulters; asks them to contact recovery officer

India’s capital markets regulator, the Securities and Exchange Board of India (SEBI) has released a list of 25 defaulters who have failed to return investors' money and/or failed to pay fines imposed on them by the regulator and are found to be untraceable.

SEBI, in a public notification issued on March 9, 2022, shared the details of the untraceable defaulters and said that the recovery certificates were drawn up against these individuals by its recovery officer Jai Sebastian, under section 28A of the SEBI Act, 1992/ section 23JB of the Securities Contracts (Regulation) Act, 1956/ section 19-IB of the Depositories Act 1996 read with section 222 of the Income-tax Act, 1961.

Kanaiyalal Joshi, Santosh Krishna Pawar, Chetan Mehta, Mukund Yadu Jambhale, Ankit K Agarwal, Jayesh Shah, Sureshkumar P Jain, Praveen Vasisth, Rajesh Tukaram Dambre, Jayesh Kumar Shah, Dahyabhai G Patel, Dalsukhbhai D Patel, Vithalbhai V Gajera, Vinod D Patel, Pravin P Patel, Navinkumar Patel, Sunil Kuril, Dilip Hemant Jambhale, Jagdish Jaychandbhai Pandya, Chirag Dineshkumar Shah, Prashant Khankari, Kailash Shriram Agarwal, Dattu Shitole, Jitendra Chandrabhan Singh and Ankit Sanchariya were named as defaulters by the capital markets regulator.

SEBI also clarified that these notices couldn’t be served to the defaulters at their last known addresses and has asked these defaulters to contact its recovery officer by sending an e-mail or a letter by March 24, 2022.

The notification reads, ”Further, if any person is aware of the whereabouts of the defaulters... detail of the same may be provided by sending a letter to the recovery officer... or an e-mail... latest by March 24, 2022.”

The regulator added that these notices were served from July 2014 to January 2022.