EKI Energy Services543284Regulatory penalty

SEBI order imposes Rs. 88 Lakh penalty; company restrained from securities market for 2 months

SEBI Order dated October 30, 2026, received on e-mail on November 2, 2026.

By ScoutQuest · Mon 2 Nov 2026, 4:13 PM IST · 3 min read

Rs. 12 lakhPenalty imposed on the company

Company penalty under Section 15HARs. 7 lakh

Company penalty under Section 15HBRs. 5 lakh

Penalty imposed on the company Rs. 12 lakh: Company penalty under Section 15HA Rs. 7 lakh, Company penalty under Section 15HB Rs. 5 lakh.

Total penalty: Rs. 88 Lakh on the company and other individuals
Company penalty: Rs. 12 lakh, payable within 45 days of receipt
Market restraint: restrained from accessing the securities market and dealing in securities for 2 months

What the company told the exchanges

The company said it received an e-mail on November 2, 2026 at about 10:44 a.m. from the Securities and Exchange Board of India, informing it that an Order dated October 30, 2026 has been passed in the matter of EKI Energy Services Limited by SEBI's Quasi-Judicial Authority. The order imposes monetary penalties totalling Rs. 88 Lakh on the company and other individuals for various alleged violations of securities market regulations.

What the order alleges

Alleged violation of Regulation 2(1)(c), particularly clauses (5) and (8), of the PFUTP Regulations.
Alleged violation of Section 12A(c) of the SEBI Act, 1992 read with Regulations 3(d), 4(1) and 4(2)(f), (k) and (r) of the PFUTP Regulations.
Alleged violation of Regulation 4(1)(a), (b), (c), (e), (g), (h) and (j), Regulations 33(1)(a) and (c), and Regulation 48 of the LODR Regulations read with Ind AS 115.

The order is passed under Sections 11(1), 11(4), 11(4A), 11B(1) and 11B(2) of the SEBI Act, 1992 read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.

What it means for the company

Restrained from accessing the securities market and dealing in securities for 2 months from the date of the Order.
Penalty of Rs. 12 lakh - Rs. 7 lakh under Section 15HA and Rs. 5 lakh under Section 15HB - payable within 45 days of receipt.

The company states there is no other material impact on its financial, operational or other activities.

What the order says about other persons

Mr. Manish Kumar Dabkara: restrained for 12 months; penalty of Rs. 28 lakhs. He is also directed to take steps to recoup the amount held to be diverted.
Mr. Mohit Kumar Agarwal: restrained for 8 months; penalty of Rs. 19 lakhs.
Mr. Naveen Sharma: restrained for 5 months; penalty of Rs. 13 lakhs.
Ms. Sonali Sheikh: restrained for 1 month; penalty of Rs. 6 lakhs.
Ms. Itisha Sahu: penalty of Rs. 2 Lakhs.
Mr. Ritesh Gupta, independent director: penalty of Rs. 4 Lakhs.
Mr. Burhauddin Ali Husain Maksiwala, independent director: penalty of Rs. 4 Lakh.

What the company plans to do

On a preliminary reading of the Order, the company says it does not concur with certain assertions and actions taken by the authority. It notes that it has not been found guilty by the Ministry of Corporate Affairs against the same allegations and transactions. It is evaluating appropriate legal remedies with legal consultation and is preparing to challenge the matter before appropriate authorities, including an appeal before the Securities Appellate Tribunal under Section 15T of the SEBI Act, 1992. The company adds that its business, including ongoing projects and regular business transactions, has not been inferred upon by this order and remains duly functional.

What a reader can track

Whether the company files an appeal and any subsequent order or direction on it.
The payment of the Rs. 12 lakh penalty within 45 days of receipt.
The two-month restraint on accessing the securities market and dealing in securities running from the date of the Order.

Also from EKI Energy Services