Nexus Select Mall Management Settles with SEBI: A REIT Norms Allegation

Nexus Select Mall Management has resolved allegations of breaching REIT norms by paying a settlement fee of Rs 24.37 lakh to SEBI. The issue involved failing to maintain required net worth and not informing SEBI of changes. Subsequently, SEBI terminated initiated proceedings against the firm.

Nexus Select Mall Management, embroiled in allegations of violating Real Estate Investment Trust (REIT) norms, has resolved the matter by paying a settlement fee of Rs 24.37 lakh to the Securities and Exchange Board of India (SEBI).

The violations centered around the company's failure to maintain the required net worth and its lapse in informing SEBI about material changes in its net worth, as stipulated by REIT regulations.

After Nexus Select proposed to settle the allegations without admitting guilt, SEBI reviewed and approved the proposal, leading to the conclusion of pending adjudication proceedings against the company.

(With inputs from agencies.)