Sebi bars Kore Digital promoters over alleged Rs 541 crore revenue misstatement
Sebi has restrained Kore Digital and three key executives after finding prima facie evidence of misstated financials, questionable subsidiaries, suspicious accounting and alleged diversion of preferential issue proceeds. The regulator also blocked main-board migration and ordered a forensic audit of company records.
Sebi has barred Kore Digital's promoters and three key executives from dealing in the company's shares while a forensic audit examines the firm's books from its 2023 listing until March 2026. The investigation found evidence of manipulated financial statements, fake subsidiaries, suspicious accounting entries and misappropriation of funds.
Kore's revenue from subsidiaries rose to 75% of total revenue between FY25 and FY26, but the three acquired companies had been incorporated only months before the deal. Their GST registrations were cancelled, and some showed no evidence of existence at the addresses claimed. The findings have led to Sebi restricting Kore Digital from accessing the securities market to raise funds from the public.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- SEBI bars Kore Digital from fundraising, alleges financial manipulation thehindubusinessline.com
- India markets regulator bars Kore Digital from fundraising, alleges financial manipulation channelnewsasia.com
