SEBI revokes all directions from its interim and confirmatory orders; trading suspension and delisting risk remain

SEBI has passed a Revocation Order dated 09.10.2026 in respect of LS Industries.

Sun 11 Oct 2026

Revocation Order Date

09.10.2026

Directions Revoked

Interim Order dated 11.02.2025, confirmed on 30.05.2025, stand revoked with immediate effect

Other Violations Found

LODR 2015 violations and non-compliance of summons; action being initiated, reference sent to other law enforcement agencies

SEBI has passed a Revocation Order dated October 09, 2026 in the matter of LS Industries Limited. Under it, all directions issued through SEBI's Interim Order dated February 11, 2025 and confirmed by the Confirmatory Order dated May 30, 2025 are revoked with immediate effect, in respect of the Noticees named in the order.

Why the directions were revoked

SEBI notes that the directions were interim in nature and were issued on the basis of prima facie findings available at that time. A detailed investigation was then carried out. The investigation has now found that the allegation of price volume manipulation in the scrip of LSIL cannot be sustained, and SEBI has revoked the directions on that basis.

What the investigation did find

• Some other violations of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
• Non-compliance of summons.

SEBI says appropriate action is being initiated for these other violations, and a reference is being sent to other law enforcement agencies for possible violations falling under their jurisdiction.

What this order does not change

The order states it shall not have any impact on the order of suspension of trading issued by BSE vide its Interim Order dated December 08, 2025. It adds that BSE may take appropriate action against the Company for delisting of its shares as per the extant provisions of securities laws.

Background to the trading suspension

Trading in the scrip of LSIL was suspended with effect from December 30, 2013 by BSE on account of non-compliance with various clauses of the Listing Agreement. BSE issued a show cause notice to the Company on December 21, 2020 for the proposed delisting of its shares, since the Company had remained suspended from trading for more than six months. In response, the Company submitted the necessary documents to BSE as per the uniform revocation norms, and BSE conducted a site visit at the registered office on January 11, 2024. During that visit, the Executive Director and Company Secretary were available, but no plant and machinery were found at the premises. It was observed that the Company wanted to start a new business, had no sales or purchases, and had only rental income. Considering the documents submitted, BSE revoked the suspension of trading vide notice dated July 15, 2024, with effect from July 23, 2024.

The later site visits

After the Confirmatory Order, BSE conducted a surprise site visit at the registered office on June 11, 2025 to revisit its decision of revocation of suspension of trading. During this visit, no operational textile business of LSIL, or any plant and machinery related to the textile business, was found at the registered address. No stock of raw materials or finished goods related to the textile business was found, and the workforce present was found to be insufficient to support or carry out factory or manufacturing activities on a regular basis. The Company's IT assets and office infrastructure could not be independently confirmed due to non-availability of relevant records. Pursuant to this and further examination of records, the shares of the Company were suspended by BSE from trading again vide Interim Order dated December 08, 2025. A further site visit by BSE on August 05, 2026 found no change in the circumstances noted during the earlier site visits. Further proceedings in this regard are ongoing before BSE.

How to read this

The order clears the interim market-conduct directions SEBI had imposed in this matter. Separately, proceedings continue: SEBI's action on the other violations it says it found, its reference to other law enforcement agencies, and BSE's suspension of trading and possible delisting action, which this order expressly states it does not affect.

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