Embassy Office Parks Management Services, the manager of Embassy Office Parks REIT, has reached a settlement with the Securities and Exchange Board of India (SEBI) by paying ₹18.39 lakh due to delays in disclosing a National Financial Reporting Authority (NFRA) order involving its former CEO, Aravind Maiya.
SEBI’s investigation focused on whether the NFRA’s August 2024 order—which determined Maiya guilty of professional misconduct in his past auditing role—was communicated to unitholders and stock exchanges as required by REIT regulations.
The regulator noted that the NFRA order “was required to be disclosed to the unitholders and stock exchanges. However, the said NFRA order… was not disclosed… in a timely manner,” with the notice being issued 53 days later on October 11, 2024.
Embassy had sought legal opinions indicating that the NFRA’s ruling did not affect Maiya’s ‘fit and proper’ status. However, SEBI conducted its own review, and on October 8, 2024, informed Embassy that Maiya was no longer considered ‘fit and proper’ to serve as CEO under the Intermediaries Regulations. This communication was disclosed to exchanges only on October 19, 2024, alongside a legal opinion from Embassy that experienced a delay of 35 days.
In June, Embassy sought to settle the case without admitting or denying the findings and submitted a settlement application. Following deliberations with SEBI’s Internal Committee and approval from the High Powered Advisory Committee, the settlement terms were approved by the regulator’s Whole-Time Members. Embassy paid the settlement amount on October 17, 2025, which SEBI later confirmed.
Published on November 18, 2025.
