Indiabulls Real Estate entities settle matter with Sebi for ₹10.5 crore

Sebi settled proceedings against four entities linked to Indiabulls Real Estate after they collectively paid Rs 10.5 crore in a fund diversion case

Securities and Exchange Board of India (Sebi) has settled proceedings against four entities in connection with its probe into alleged fund diversion involving Indiabulls Real Estate (IBREL), after the entities collectively paid Rs 10.5 crore towards settlement.

 

The order pertains to Agnes Developers, Everlast Projects, Lincoln Developers, and Deneb Developers, which were identified as conduit entities in the regulator’s investigation. Sebi had examined the consolidated financial statements of IBREL for FY15 to FY17 and subsequently conducted a detailed probe covering the period from FY10 to FY17.

 

The investigation focused on alleged layered diversion of funds from Albasta Infrastructure, a wholly owned subsidiary of IBREL, to promoter-connected entities through these intermediaries. The regulator had flagged potential violations of provisions under the Sebi Act and the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations, along with non-compliance with listing norms.

 

 

A common show-cause notice was issued in November 2023, following which the four entities filed settlement applications in January 2024 under Sebi’s Settlement Proceedings Regulations, without admission or denial of findings.

 

After deliberations by Sebi’s internal committee and review by the High Powered Advisory Committee (HPAC), the settlement terms were approved by a panel of whole-time members in March 2026. The entities remitted the settlement amount in April 2026, which Sebi confirmed receiving.

 

Under the settlement, Agnes, Everlast, and Deneb each paid Rs 2.6 crore, while Lincoln Developers paid Rs 2.69 crore, including legal costs. 

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