India markets regulator bars Kore Digital from fundraising, alleges financial manipulation

Sept 17 (Reuters) – India’s markets regulator has barred telecom infrastructure firm Kore Digital from raising money from the public and blocked its migration to the main stock exchange board, alleging financial irregularities.

In a notification issued on Thursday, the Securities and Exchange Board of India said Kore Digital inflated revenue through non-genuine subsidiaries and manipulated financial statements.

Here are more details:

• SEBI said its findings showed that since Kore acquired three subsidiaries in late 2024, those units had accounted for about 75% of the company’s revenue on average.

• However, site visits found no evidence that the three subsidiaries and their step-down subsidiaries operated from their stated addresses, raising questions about whether they actually existed, the regulator said.

• Incorporated in 2009, Kore Digital listed on NSE’s SME platform on June 14, 2023 and was eligible to migrate to the main stock exchange board on June 14, 2026.

• SEBI has barred Managing Director Ravindra Doshi, CEO Chaitanya Doshi and CFO Kashmira Doshi from trading in the company’s shares and ordered a forensic audit of Kore’s books.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Diti Pujara)

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