Indiabulls Real Estate Linked Entities Settle SEBI Proceedings with Over ₹10.49 Crore Payment

Securities and Exchange Board of India (SEBI) has settled proceedings against 4 entities in a case linked to alleged diversion of funds involving Indiabulls Real Estate. The entities paid a total settlement amount of more than ₹10.49 crore, as per news reports. 

Payments Made Under Settlement 

The order covers Agnes Developers Private Limited, Everlast Projects Private Limited, Lincoln Developers Private Limited, and Deneb Developers Private Limited. SEBI said the proceedings were settled without admission or denial of the allegations by the companies. 

Agnes Developers, Everlast Projects and Deneb Developers each paid ₹2.60 crore under the settlement terms. Lincoln Developers paid ₹2.69 crore, including legal costs of around ₹9.12 lakh. 

Investigation Into Transactions 

The market regulator had examined the consolidated financial statements of Indiabulls Real Estate for FY15, FY16 and FY17 before expanding the investigation to cover the period between FY10 and FY17. 

The probe focused on transactions involving Albasta Infrastructure Limited, a wholly owned subsidiary of Indiabulls Real Estate. SEBI investigated whether funds were routed through intermediary entities to parties connected with the promoters. 

According to the order, the regulator examined whether the transactions involved diversion or misuse of funds through layered structures. SEBI also reviewed possible violations of provisions under the SEBI Act, PFUTP Regulations and listing disclosure norms. 

Show-Cause Notice Issued 

SEBI issued a common show-cause notice to the 4 entities on November 1, 2023. The notice asked the companies to explain why monetary penalties should not be imposed in connection with the findings of the investigation. 

The entities later filed settlement applications in January 2024 under SEBI’s Settlement Proceedings Regulations. Discussions were subsequently held with SEBI’s Internal Committee in December 2025, following which revised settlement terms were submitted. 

The proposals were reviewed by the High Powered Advisory Committee in January 2026 and later approved by SEBI’s panel of whole-time members in March 2026. 

Proceedings Disposed 

The settlement amounts were paid on April 13, 2026. SEBI confirmed receipt of the funds and disposed of the proceedings initiated through the 2023 show-cause notice. 

The regulator stated that the matter may be reopened if any information submitted during the settlement process is later found to be inaccurate or incomplete. 

Read More: Tata Group, JSW Group to Invest Upto $1 Billion in Electric Vehicle and Battery Tech! 

Conclusion 

SEBI has closed the proceedings against the 4 entities after receiving the settlement amount of over ₹10.49 crore. The regulator said the case may be reopened if any settlement conditions are breached. 

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