Now Reading: SEBI tells Bombay HC no disqualification in Embassy REIT case
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SEBI tells Bombay HC no disqualification in Embassy REIT case
The Securities and Exchange Board of India (SEBI) has informed the Bombay High Court that its examination of complaints about the 'fit and proper' status of persons linked to Embassy Office Parks REIT was completed after the regulatory framework was amended in April 2026. SEBI stated that the material did not warrant disqualification under the amended provisions.
The regulator's affidavit does not specify whether Jitendra Virwani and Karan Virwani would have been disqualified under the earlier framework in force from November 17, 2021 to April 16, 2026. SEBI maintained the amendment was a general regulatory measure following public consultation, not tailored to the Embassy REIT matter.
SEBI acknowledged a disclosure lapse regarding an Economic Offences Wing chargesheet and issued advisory letters on July 29, 2026. The regulator also opposed the petitioners' request for disclosure of internal regulatory records. The Bombay High Court had directed replies by August 27, 2026, with petitions to be considered alongside rejoinders.
Indian Opinion Analysis
Both Livemint and the Economic Times carry identical wire copy, making this uniform straight reporting. Each outlet leads with SEBI's assertion that the amended rules do not warrant disqualification, and each notes the gap left by the affidavit regarding the earlier framework. The coverage neither defends nor criticises the regulator's position, simply recording SEBI's statements, the timeline of amendments, and the pending court process. The petitions now await the Bombay High Court's consideration after the August 27 reply deadline.
Coverage: 2 sources, 2 neutral
Sources (2): livemint.com (neutral report), economictimes.indiatimes.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
