SEBI issued Release Order for Recovery Certificate No. 9078 of 2026 against I Zone Academy Private Limited (PAN: AACCI0592E) on June 5, 2026. The order concerns unauthorized trading in illiquid stock options on BSE. Recovery proceedings initiated under SEBI Act enforcement provisions. Company violated securities regulations through manipulative practices in derivatives segment. Order represents regulatory action against unregistered investment advisory activities and market manipulation in options trading.

This SEBI enforcement action highlights regulatory oversight of derivative market manipulation and unregistered investment advisory services. I Zone Academy Private Limited engaged in illiquid stock options trading on BSE, likely creating artificial volumes or providing unauthorized investment advice. Recovery certificates under SEBI Act Section 28A allow the regulator to recover penalties as arrears of land revenue through district collectors. The case exemplifies SEBI's crackdown on entities operating without proper registration under Investment Advisers Regulations 2013. Illiquid options trading often involves creating false volumes to manipulate prices or mislead retail investors about market depth. The company's PAN inclusion ensures proper identification for enforcement. This action protects market integrity by deterring similar violations and compensating affected investors. Recovery proceedings demonstrate SEBI's expanded enforcement toolkit beyond traditional penalties, ensuring regulatory deterrence through actual monetary recovery rather than just paper penalties.