Description

SEBI confirms interim order restraining Gensol Engineering Limited and its directors from accessing securities market until further orders.

Summary

SEBI has confirmed its interim order dated April 15, 2025, through Confirmatory Order No. WTM/KV/CFID/CFID-SEC2/31565/2025-26 dated July 30, 2025, restraining Gensol Engineering Limited and its directors from accessing the securities market. The order prohibits these entities from buying, selling or dealing in securities directly or indirectly, or being associated with the securities market in any manner until further orders.

Key Points

  • SEBI confirmatory order issued on July 30, 2025 upholds interim restrictions from April 15, 2025
  • Three entities restrained: Gensol Engineering Limited (PAN: AAECG9092M), Anmol Singh Jaggi (PAN: AGNPJ4504B), and Puneet Singh Jaggi (PAN: AHRPJ5583B)
  • Complete prohibition from securities market access including buying, selling or dealing in securities
  • Restrictions remain in effect until further SEBI orders
  • Investigation initiated following complaint in June 2024 regarding alleged share price manipulation and fund diversion
  • Gensol Engineering is a listed company providing solar consulting services, EPC services, and electric vehicle leasing

Regulatory Changes

No new regulatory framework changes. This is enforcement of existing SEBI powers under sections 11(1), 11(4) and 11B of the SEBI Act, 1992 to restrain entities from market access during investigation.

Compliance Requirements

  • NSE members must take note of the restraint order and ensure compliance
  • Members should refer to consolidated list of debarred entities on NSE website
  • Any queries should be directed to dl-invsg-all@nse.co.in
  • Market participants must avoid any dealings with the restrained entities

Important Dates

  • June 2024: Initial complaint received by SEBI
  • April 15, 2025: Interim order issued (NSE Circular NSE/INVG/67564)
  • July 30, 2025: Confirmatory order issued
  • Until further orders: Duration of market access restrictions

Impact Assessment

High impact on Gensol Engineering Limited and its business operations as the company cannot access capital markets for fundraising or trading activities. The confirmatory nature of the order suggests SEBI found sufficient grounds to continue restrictions after review. This represents a severe regulatory action that effectively suspends the company’s market participation rights indefinitely.

Impact Justification

Complete market access ban for listed company and directors represents severe regulatory action with significant impact