Sebi bars EKI Energy, MD Dabkara, others from market; imposes penalty

What happened: Sebi barred EKI Energy Services, its MD Dabkara and others from the securities market and imposed penalties for violations of securities market regulations. Key numbers: Penalties total Rs 88 lakh, including Rs 12 lakh on EKI and Rs 28 lakh on Dabkara. Sebi cited premature revenue recognition of Rs 197.04 crore in the first three quarters of FY23. Penalties are due within 45 days. Why it matters: Sebi found the company misrepresented its financial performance to investors and booked fictitious expenses, and directed Dabkara to recoup diverted funds.

Sebi barred EKI Energy Services, its MD Dabkara and others from the securities market and imposed penalties for violations of securities market regulations.

Sebi found the company misrepresented its financial performance to investors and booked fictitious expenses, and directed Dabkara to recoup diverted funds.