Authority: Kamlesh Chandra Varshney, Whole Time Member, Securities and Exchange Board of India

Order Date: August 27, 2026

Case Overview

This revocation order pertains to proceedings in the matter of Bharat Global Developers Limited (BGDL). SEBI had passed an Interim Order dated December 23, 2024, against the company and multiple other entities, who were prima facie observed to be part of a manipulative scheme designed to defraud investors. The interim order alleged violations of the SEBI Act, 1992, SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The directions issued through the interim order were confirmed vide order dated March 26, 2025 (Confirmatory Order). Simultaneously, SEBI conducted a detailed investigation to examine the role of all noticees mentioned in the interim order.

The investigating team conducted a detailed investigation and recommended that the directions made in the interim order against Noticee nos. 5, 6, 13, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 32, 33, 34, 35, 36, 37, 40, 42, 44, 45 and 47 (collectively referred to as "Identified Noticees") were not warranted based on the findings of the investigation. The investigation team found evidence of violations against other noticees (not part of the Identified Noticees), and appropriate action is being initiated for those violations. Additionally, reference with respect to certain entities, which includes some of the Identified Noticees, is being sent to other law enforcement agencies for possible violations falling under their jurisdiction.

Final Outcome

The Whole Time Member, in exercise of powers under Sections 11(1), 11(4) and 11B read with Section 19 of the SEBI Act, 1992, revoked with immediate effect all directions against the 30 Identified Noticees that were issued vide the Interim Order and confirmed vide the Confirmatory Order. The order is to be served on all Identified Noticees, recognized Stock Exchanges, Depositories, Banks and Registrar and Share Transfer Agents for information and necessary action.

Topics: SEBI Enforcement, Market Manipulation, Regulatory Investigation