SEBI issued a Notice of Demand dated 02.07.2026 under Recovery Certificate No. 9191 of 2026 against Dhaval Girishbhai Parmar (PAN: EPZPP2397F) concerning trading activities of certain entities in the scrip of DU Digital Technologies Limited, now renamed DU Digital Global Limited. This recovery proceeding follows an earlier SEBI order establishing liability. The notice marks a formal step in SEBI's enforcement mechanism to recover dues from individuals found in violation of securities laws.

SEBI's recovery proceedings represent the final enforcement stage after adjudication. When SEBI passes an order imposing monetary penalties or disgorgement, and the noticee fails to comply, SEBI issues a Recovery Certificate (RC) under Section 28A of the SEBI Act, 1992. This provision, inserted by the Securities Laws (Amendment) Act, 2014, empowers SEBI to recover dues as arrears of land revenue — a quasi-judicial executive power. The Notice of Demand is the formal communication to the defaulter specifying the amount due before coercive recovery begins.

In this case, RC No. 9191/2026 was issued against Dhaval Girishbhai Parmar linked to alleged manipulative trading in DU Digital Technologies Limited (now DU Digital Global Limited), a company that has faced SEBI scrutiny for suspected price manipulation or insider trading by connected entities. SEBI's investigation into such scrips typically involves surveillance data, trade logs, and fund trail analysis.

For CLAT PG aspirants, the significance lies in understanding how regulatory enforcement works: the progression from investigation → show cause notice → adjudication order → recovery certificate → notice of demand → attachment of assets. Each stage has distinct legal character — some quasi-judicial, some executive. Courts have examined whether SEBI's recovery powers override other creditors' claims, making this intersection of securities law and civil procedure legally rich and examinable.