Axis Trustee Penalized ₹10 Lakh for REIT Disclosure Failures

SEBI imposed a ₹10 lakh penalty on Axis Trustee Services Ltd for failing to ensure timely disclosure of NFRA's order against Embassy REIT's CEO.
The trustee violated REIT Regulations by not overseeing manager's disclosure of material information about CEO Aravind Maiya's fit-and-proper status.
Axis Trustee failed to independently assess Maiya's eligibility after NFRA debarment and delayed informing SEBI about manager's non-disclosure.