SEBI issued Recovery Certificate No. RC9052 of 2026 against Anita Devi Chokhani (PAN: ACWPC0520B) for illiquid stock options violations. Recovery certificates are enforcement tools under SEBI Act 1992 for collecting penalties, disgorgement, and interest from market violators. The certificate enables SEBI to recover dues through asset attachment, bank account freezing, and property seizure. This case represents SEBI's strengthened enforcement against stock option manipulation and market abuse practices affecting investor interests.

Recovery certificates under SEBI Act Section 28A function as deemed decrees, allowing SEBI to collect unpaid penalties without court intervention. The illiquid stock options case likely involves manipulation where entities create artificial scarcity in option contracts, affecting fair price discovery and harming retail investors. SEBI's enforcement mechanism includes issuing show-cause notices, adjudication proceedings, and finally recovery certificates when penalties remain unpaid. The RC9052 designation indicates this is part of SEBI's systematic approach to numbered recovery proceedings in 2026. Recovery officers can attach immovable property, freeze bank accounts, and even arrest defaulters under SEBI (Recovery of Penalties) Rules. This case exemplifies SEBI's dual mandate - protecting investor interests while maintaining market integrity. The specific targeting of stock options manipulation aligns with SEBI's focus on derivatives market abuse, where complex instruments can be exploited to deceive retail investors. Such enforcement actions serve as deterrents, reinforcing SEBI's regulatory authority in capital markets and ensuring violators cannot escape financial consequences through non-compliance.