SEBI Bans Omaxe, Executives from Securities Market for 2 Years

02 Aug 2024 CW Team

In its order, SEBI stated that Omaxe and its executives were found guilty of inflating revenue figures, thereby misleading investors and stakeholders about the company's financial health. The investigation revealed that the company had engaged in fraudulent practices to show a healthier balance sheet and profit margins.

SEBI's probe uncovered that Omaxe had not only overstated its revenues but also concealed critical information from investors, which led to a misrepresentation of the company's true financial position. This action is a part of SEBI's ongoing efforts to ensure transparency and accountability in the securities market and to protect investor interests.

The regulator has directed Omaxe and the barred individuals to cease all activities related to the securities market for the duration of the ban. Additionally, SEBI has ordered the disgorgement of wrongful gains, if any, and imposed monetary penalties on the concerned parties.

Rohtas Goel and Mohit Goel have been held primarily responsible for the discrepancies and have been instructed to cooperate fully with SEBI in further investigations. SEBI has also cautioned investors to exercise due diligence while dealing with the company's securities in the future.

This ruling by SEBI underscores the regulatory body's commitment to maintaining the integrity of the securities market and ensuring that companies adhere to fair practices. The ban on Omaxe and its executives serves as a stern reminder to other entities about the importance of transparency and honesty in financial reporting.

Omaxe has not yet issued a statement regarding SEBI's order. The impact of this ban is expected to be significant, affecting the company's operations and its ability to raise funds from the capital market.

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on real estate developer Omaxe Limited, along with its Chairman Rohtas Goel, Managing Director Mohit Goel, and several others from participating in the securities market. The ban comes as a result of allegations of fraud and misrepresentation in the company?s financial statements. In its order, SEBI stated that Omaxe and its executives were found guilty of inflating revenue figures, thereby misleading investors and stakeholders about the company's financial health. The investigation revealed that the company had engaged in fraudulent practices to show a healthier balance sheet and profit margins. SEBI's probe uncovered that Omaxe had not only overstated its revenues but also concealed critical information from investors, which led to a misrepresentation of the company's true financial position. This action is a part of SEBI's ongoing efforts to ensure transparency and accountability in the securities market and to protect investor interests. The regulator has directed Omaxe and the barred individuals to cease all activities related to the securities market for the duration of the ban. Additionally, SEBI has ordered the disgorgement of wrongful gains, if any, and imposed monetary penalties on the concerned parties. Rohtas Goel and Mohit Goel have been held primarily responsible for the discrepancies and have been instructed to cooperate fully with SEBI in further investigations. SEBI has also cautioned investors to exercise due diligence while dealing with the company's securities in the future. This ruling by SEBI underscores the regulatory body's commitment to maintaining the integrity of the securities market and ensuring that companies adhere to fair practices. The ban on Omaxe and its executives serves as a stern reminder to other entities about the importance of transparency and honesty in financial reporting. Omaxe has not yet issued a statement regarding SEBI's order. The impact of this ban is expected to be significant, affecting the company's operations and its ability to raise funds from the capital market.

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Real Estate

01 Dec 2025

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Infrastructure Energy

03 Dec 2025

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..