The Securities and Exchange Board of India (Sebi) has barred passive telecommunication infrastructure provider Kore Digital Ltd and three senior executives from raising funds through public securities offerings, citing prima facie evidence of financial manipulation and misleading disclosures. The three executives have also been restrained from buying, selling or otherwise dealing in Kore Digital securities, directly or indirectly, until further orders.
The interim ex-parte order, issued on Thursday, named Kore Digital alongside managing director Ravindra Doshi, chief executive officer Chaitanya Doshi, and chief financial officer Kashmira Doshi. Kore and the other noticees have 21 days from receiving the order to file their responses and request a personal hearing.
has ordered a forensic audit of Kore’s books from its listing date through 31 March 2026 and will conduct a detailed investigation. To this end, Sebi has directed the company to make true and fair disclosures of its financial statements, related-party transactions, and other information required under listing regulations. The National Financial Reporting Authority has been sent a copy of the order for possible action concerning the auditors.
The order also prevents from allowing Kore to migrate from its SME platform, NSE Emerge, to the main board without Sebi clearance. The regulator stressed that its findings are prima facie and that the full investigation will proceed independently.
Sebi’s allegations
Sebi’s preliminary examination found that Kore’s books and financial statements were allegedly manipulated, resulting in untrue and misleading financial results between FY24 and FY26.
Sebi said three subsidiaries acquired in FY25 and their step-down subsidiaries appeared not to be genuine, with ₹541.3 crore of revenue allegedly misstated in FY25 and FY26, which was about 73% of the company’s total revenue during the period.
Sebi also flagged involving Kashvee, which it described as a non-genuine entity, and raised concerns over the work of auditors associated with the subsidiaries. It also alleged that standalone revenue had been inflated by ₹31.49 crore through transactions involving NECL, Vodafone and Airtel, and by ₹26.42 crore through Kashvee Infra Projects.
The regulator claimed that a substantial portion of the proceeds from Kore’s March 2024 preferential issue were diverted, primarily to Kashvee Infra Projects and SD Square Manpower, both of which it found prima facie to be fake or non-genuine. Sebi said site visits revealed that certain subsidiaries and step-down subsidiaries did not exist at their stated addresses. It also said false corporate announcements had contributed to a substantial rise in Kore’s share price.