Overview

• SEBI confirmed its ban on Gensol Engineering and the Jaggi brothers after finding evidence of loan-fund misappropriation.
• The ban bars the Jaggi brothers from participating in securities markets or holding directorial and key managerial positions at Gensol.
• SEBI noted that its initial prima facie findings of fund diversion and falsified conduct letters to credit rating agencies remain unrebutted.
• A forensic auditor has been appointed to examine Gensol’s accounts under the supervision of a court-appointed professional during its insolvency proceedings.
• SEBI emphasized that its actions underscore a commitment to transparency and investor protection in India’s financial markets.