SEBI v. Hetal Rajesh Patel (RTS Power Corporation pay-in default, settlement, 2025)
Settled
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In August 2025 SEBI issued a settlement order, on a Bombay High Court direction, ending the 2009 case against Hetal Rajesh Patel over her purchases of RTS Power Corporation shares on 11 February 2009. She had been accused of trading with related parties intending not to meet pay-in obligations, and paid Rs 25 lakh without admitting or denying the allegations.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2025-08-06 |
| Date resolved | 2025-08-06 |
| Status | settled |
| Asset class | equities |
| Instruments | RTS Power Corporation Limited shares |
| Venue | BSE |
| Criminal parallel | No |
| Bars imposed | voluntary debarment from the securities market for 3 years, treated by the High Court as already served |
| Defendants | Hetal Rajesh Patel |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
- Penalty as published
- 2.5m INR
What is alleged to have happened
This settlement order of 6 August 2025 concerns Hetal Rajesh Patel and the shares of RTS Power Corporation Limited. In 2009 stockbrokers complained that a set of clients, including Ms Patel, had bought RTS shares on 11 February 2009 and then failed to meet their pay-in obligations. SEBI restrained her from the market by an interim order of June 2009, confirmed in October 2009, and had BSE hold her pay-out of Rs 3,44,62,569 for the trades.
Show cause notices of October and December 2010 alleged that she entered into transactions with related persons or entities intending not to fulfil the pay-in on those trades, in breach of regulations 3 and 4 of the PFUTP Regulations. She applied to settle in March 2011, and after discussions SEBI's advisory committee recommended a Rs 25 lakh payment plus a three-year voluntary debarment and release of the held pay-out.
The settlement then stalled for years. Buy-side brokers sued in the Bombay High Court to annul the trades and block pay-outs; SEBI rejected her application in 2014 in light of that; she challenged the rejection; and SEBI separately completed adjudication and enforcement orders in 2021 that were not to be enforced pending her writ petition. In July 2025 the High Court disposed of the petition by directing a fresh Rs 25 lakh payment, accepting her undertaking that she had not dealt in securities since the notices as satisfying the three-year debarment, and leaving the pay-out dispute to the civil suit.
SEBI recorded her payment in July 2025 and declared the notices settled, the 2021 orders not to be enforced against her, and her free to access the market again.
The record does not show any finding on the merits, since a settlement order makes none, nor whether she ever received the withheld pay-out.
This library has no technique that fits deliberate non-payment of pay-in obligations, so the matter is tagged with none. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
- 2025-08-06 SEBI order
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.