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SEBI confirms ban on Rajesh Exports in audit refusal case
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SEBI confirms ban on Rajesh Exports in audit refusal case

October 15, 2026

SEBI upholds interim ban on Rajesh Exports and chairman for non-cooperation with forensic audit.

The Securities and Exchange Board of India (SEBI) has confirmed its interim order restraining Rajesh Mehta, Chairman of Rajesh Exports Limited (REL), and the company from buying, selling, or dealing in securities. Whole Time Member Kamlesh C Varshney upheld the directions, citing the entity’s repeated refusal to cooperate with a forensic audit and failure to submit complete financial records.

SEBI found that REL withheld crucial information and misrepresented compliance, amounting to 'knowingly hiding facts from regulators and courts'. The regulator invoked its powers under Regulation 11 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003, and Section 11 of the SEBI Act, 1992, to maintain market integrity.

This decision signals SEBI’s zero-tolerance approach toward non-cooperation in ongoing investigations. Corporate counsels must advise clients that regulatory scrutiny demands proactive transparency, especially in listed entities facing forensic audits. The confirmed ban reinforces SEBI’s investigative authority.

Citations

  • SEBI v. Rajesh Exports & Anr. (2026) SEBI Order
Practice Areas:corporatesecurities

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