Akilesh, one of the Executive Director of a listed company has violated the provisions of Insider Trading Regulations of SEBI. The Adjudicating Officer has imposed penalty of ₹5 lakh. The Executive Director did not pay t

The recourses available with Adjudicating Officer for Recovery of amount for violation of the provisions of Insider Trading Regulations of SEBI are covered under Section 28A of the SEBI Act, 1992. Section 28A of the Securities and Exchange Board of India Act, 1992, provides that if a person fails to pay the penalty imposed under this Act or fails to comply with any direction of the SEBI for refund of monies or fails to comply with a direction of disgorgement order issued under section 11B or fails to pay any fees due to the SEBI, the Recovery Officer may draw up under his signature a statement in the specified form specifying the amount due from the person and shall proceed to recover from such person the amount specified in the certificate by one or more of the following modes, namely:- (a) attachment and sale of the person's movable property; (b) attachment of the person's bank accounts; (c) attachment and sale of the person's immovable property; (d) arrest of the person and his detention in prison; (e) appointing a receiver for the management of the person's movable and immovable properties. The Recovery Officer shall be empowered to seek the assistance of the local district administration while exercising the powers as stated above. Therefore, Adjudicating Officer can exercise any of the above recourses for recovery of amount from Akhilesh.