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REIT Manager Pays $18K Over Delayed CEO Disclosure
18 Nov, 2025
Summary
- Embassy Office Parks REIT manager paid $18.39 lakh to SEBI.
- The fine was for delayed disclosure of an NFRA order against the CEO.
- Disclosure of the CEO's misconduct order was delayed by 53 days.
Embassy Office Parks Management Services has settled with the Securities and Exchange Board of India (SEBI) for ₹18.39 lakh. The settlement addresses the delayed disclosure of a National Financial Reporting Authority (NFRA) order concerning former CEO Aravind Maiya's professional misconduct. SEBI's investigation revealed that the NFRA order, issued in August 2024, was not promptly shared with unitholders and stock exchanges.
The REIT manager eventually disclosed the order 53 days late, on October 11, 2024. Further delays were noted in disclosing communications from SEBI regarding Maiya's 'fit and proper' status, with a 35-day delay for the REIT's own legal opinions. The manager sought to resolve the matter without admitting fault.
The settlement process involved applications, internal committee discussions, and High Powered Advisory Committee approvals. Embassy remitted the settlement amount on October 17, 2025, concluding the regulatory action. SEBI confirmed the payment and the resolution of the case.
