Sebi Settles Indiabulls Case: Rs 10.49 Crore Settlement by Four Developers

Sebi settled proceedings against four entities for alleged diversion of funds involving Indiabulls Real Estate. The matter was resolved through a Rs 10.49 crore settlement. Following an investigation, Sebi issued penalties without the entities admitting guilt. The funds were alleged to be misappropriated between FY10 and FY17.

The Securities and Exchange Board of India (Sebi) has settled proceedings against four entities in a case of alleged fund diversion related to the former Indiabulls Real Estate Ltd. These entities collectively paid Rs 10.49 crore to settle the matter.

The case involved Agnes Developers, Everlast Projects, Lincoln Developers, and Deneb Developers, who settled without admitting or denying the charges. The investigation focused on actions between FY10 and FY17, revealing possible fund misappropriation through conduit entities.

Sebi's actions followed an examination of Indiabulls' financial statements, leading to allegations of fraudulent activities. The settlement was finalized in March 2026 after exhaustive scrutiny, which included input from Sebi's Internal Committee and High Powered Advisory Committee.