SEBI orders Axis Trustee Services Ltd to comply with REIT regulations over fit and proper criteria…
This order addresses SEBI's adjudication proceedings against Axis Trustee Services Ltd. regarding its oversight of Embassy Office Parks REIT, specifically concerning the 'fit and proper' status of the REIT manager's CEO, Aravind Maiya, following a debarment order by the National Financial Reporting Authority (NFRA).
Axis Trustee Services Ltd. (Noticee), Embassy Office Parks Management Services Private Limited (Manager), Aravind Maiya (CEO of Manager), Embassy Office Parks REIT
- SEBI alleged Axis Trustee Services Ltd. violated REIT Regulations 9(3), 9(4), 9(16), and Schedule VI clauses 1, 2, 7, 8 by failing to oversee the manager's compliance and ensure timely disclosure of the NFRA order.
- NFRA debarred Aravind Maiya for 10 years and imposed a penalty of Rs 50 lakh on him for professional misconduct.
- SEBI alleged the trustee failed to independently assess the CEO's eligibility and did not take corrective actions until SEBI intervened.
- The trustee conducted meetings with directors only in October 2024, approximately two months after the NFRA order dated August 19, 2024.
- The trustee argued it lacked substantive enforcement powers under REIT Regulations to force disclosures or remove key personnel without SEBI approval.
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Document details
| Official title | Adjudication Order in respect of Axis Trustee Services Limited in the matter of Role of Axis Trustee and Embassy Office Parks in the matter of Fit and Proper Criteria for Aravind Maiya pursuant to NFRA Order dated August 19, 2024 |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/JS/DP/2026-27/32396 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |