India markets regulator bars Kore Digital from fundraising, alleges financial manipulation
FILE PHOTO: Securities and Exchange Board of India (SEBI) headquarters is seen through a wire fencing, in Mumbai, India, September 12, 2025. REUTERS/Francis Mascarenhas/File Photo
Sept 17 : 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 per cent 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.
