The Securities and Exchange Board of India (SEBI) has continued the restriction on Rajesh Exports founder and chairman Rajesh Mehta from buying, selling or dealing in the company’s securities, while directing the company to maintain accurate and complete financial disclosures.
The directions, issued on October 14, 2026, follow SEBI’s interim order of June 3, 2026. The latest action maintains the regulatory restrictions while the investigation and forensic examination continue. The October order has been described as a confirmatory order, distinguishing it from a final determination concluding the underlying investigation.
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Under the continuing restriction, Mehta remains barred from directly or indirectly buying, selling or otherwise dealing in Rajesh Exports’ securities until further orders. The direction concerns transactions in the company’s securities and has no specified expiry date.
SEBI has also directed Rajesh Exports to continue making true, fair, accurate and complete disclosures in its financial statements. The requirement places the reliability of the company’s reported financial information at the centre of the continuing regulatory proceedings.
The case stems from SEBI’s June findings concerning the company’s reporting of revenue attributable to its subsidiaries. According to the regulator’s findings reported at that stage, approximately ₹15.15 lakh crore—equivalent to ₹15.15 trillion—was allegedly misrepresented during the financial years 2020–21 to 2024–25. The amount represented approximately 99.80% of the revenue from subsidiaries for that period.
The figure relates to the revenue reporting under examination. It should not be read as an established amount of investor losses, a monetary penalty or a recovery ordered against the company.
The latest directions also call for the investigating agencies and the forensic auditor examining the matter to complete their work expeditiously. Their examination remains relevant to determining the underlying transactions and the accuracy of the financial information under scrutiny.
The company had previously disputed SEBI’s allegations. In June, Mehta maintained that its financial disclosures were accurate and attributed the revenue difference identified by the regulator to the treatment of standalone and consolidated revenue.
With the October directions, the restriction on Mehta’s dealings in the company’s securities remains operative, alongside the company’s obligation to provide accurate financial statements. Further regulatory action will depend on the continuing investigation, forensic examination and any subsequent orders.
