SEBI has barred Kore Digital Ltd and its three key executives from capital markets, citing prima facie evidence of financial manipulation and alleged ₹541.3 crore revenue misstatement in FY25-FY26. The regulator also halted its main board migration and ordered a forensic audit.
₹541.3 crore
Alleged Revenue Misstatement (FY25-FY26)
⏳ Time Machine
How today’s news fits into the bigger picture
June 2023
Kore Digital Lists on NSE Emerge
Kore Digital Ltd. made its debut on the NSE Emerge platform, the SME segment of the National Stock Exchange, attracting investor interest as a passive telecom infrastructure provider.
March 2024
Preferential Issue Proceeds Diverted
SEBI's investigation alleges that a substantial portion of the proceeds from Kore Digital's preferential issue were diverted to purportedly non-genuine entities.
FY25-FY26
Revenue Misstatement Allegations
Kore Digital allegedly misstated approximately ₹541.3 crore in revenue during the financial years 2025 and 2026, accounting for 73% of its total revenue in that period.
June 2026
Eligibility for Main Board Migration
Kore Digital became eligible to migrate from the SME platform to the main board of the NSE, a significant step for growing companies, but this has now been blocked by SEBI.
June 2026
Reported FY26 Net Profit
Kore Digital reported a consolidated net profit of ₹36.91 crore for FY26, presenting a picture of financial health that is now being questioned by SEBI.
Today
SEBI issued an interim order barring Kore Digital and its promoters from capital markets due to alleged financial misstatements.
What happens next?
Kore Digital has 21 days to respond to SEBI's order, and a forensic audit will scrutinize its books until March 2026.
The Securities and Exchange Board of India (SEBI) issued an interim order against Kore Digital Ltd, a passive telecommunication infrastructure provider, and its Managing Director Ravindra Doshi, CEO Chaitanya Doshi, and CFO Kashmira Doshi. The regulator found preliminary evidence of manipulated financial statements, questioning the legitimacy of three subsidiaries and their consolidated revenues. Specifically, approximately **₹541.3 crore** of revenue was allegedly misstated in FY25 and FY26, accounting for about **73%** of the company's total reported revenue during that period. SEBI has prevented the company from migrating from the NSE Emerge SME platform to the main board without its clearance and mandated a forensic audit of Kore Digital's books from its listing date in June 2023 through March 31, 2026.
💭 If you're wondering…
Prima facie evidence means 'on the face of it' or 'at first sight.' It refers to evidence that, unless contradicted, would be sufficient to prove a particular fact or claim.
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