India's SEBI fines Elite Con ₹51.2 crore, bans it from securities market
→Elite Con finance teams must arrange ₹51.2 crore disgorgement and comply with market ban
Change
India's SEBI issued an interim ex-parte order on March 31, 2026, fining Elite Con International ₹51.2 crore and banning the company from the securities market.
Why it matters
The order names promoter Vipin Sharma, non-promoter Pawan Kumar Ray and three other noticees accused of inflating Elite Con's share price and selling into retail investors. SEBI has directed those noticees to disgorge the alleged ₹51.2 crore gain as part of the interim measures.
Implications
- — Elite Con finance and compliance teams must arrange immediate payment of the ₹51.2 crore disgorgement ordered by SEBI or face continued enforcement and the active market ban.
- — Promoter Vipin Sharma, non-promoter Pawan Kumar Ray and the other named noticees must cease participation in securities markets immediately — any trading or market access would contravene SEBI's interim order.
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Source
View on The Hindu