SEBI revokes interim directions against Bharat Global Developers' Identified Noticees

This order revokes the interim directions previously issued by SEBI against specific individuals in the matter of Bharat Global Developers Limited, following a detailed investigation that found the initial prima facie findings against them were not warranted.

Who it concerns: Bharat Global Developers Limited (Company); Identified Noticees: Nirali Prabhatbhai Karetha, Dhruvi Kothari, Ghanshyam Babubhai Mistry, Bhupinder Duchaina, Arun Mohanbhai Kordia, Kavit Bharat Sanghavi, Sheetal Mithilesh Jhala, Minal Ghanshyamsinh Gohil, Hiren Maheshbhai Sadhu, Dhaval Manubhai Jadav, Nishitaben Chandrakant Bharvad, Manubhai Sendhabhai Bharwad, Neel Kamleshbhai Sanandiya, Kevinkumar Mansukhlal Saparia, Jayeshbhai Kanjibhai Parmar, Praful Guptakaushal, Mahammadfaruk Hajibhai Mir, Pujabahen Barot, Ranjitsinh Ishwarsinh Rajput, Pradipkumar Lakhani, Theshiya Kajalben, Veer Vikas Sorathiya, Danabhai Gandabhai Parmar, Ayush Patel, Prasad Shirke, Alkaben Pradipkumar Shah, Pooja Pragnesh Dave, Ankush Rajkumar Dabhane, Govindsingh Bhavnathsingh Rajbhar, Rahul Ratansingh Sikarwar.

What SEBI found or ordered

• SEBI revokes all interim directions issued on December 23, 2024, and confirmed on March 26, 2025, against the listed Identified Noticees with immediate effect.
• The revocation is based on the investigation team's recommendation that the directions were not warranted for these specific individuals.
• SEBI states that evidence of violations was found against other Noticees (not listed in the revocation) and appropriate action is being initiated for them.
• References regarding certain entities, including some of the Identified Noticees, are being sent to other law enforcement agencies for possible violations under their jurisdiction.

Also in the document

• The original interim order was based on prima facie findings of a manipulative scheme designed to defraud investors.
• The revocation applies only to the specific 'Identified Noticees' listed in the order; other parties involved in the case face ongoing or new actions.
• The order was signed by Kamlesh Chandra Varshney, Whole Time Member, SEBI, on August 27, 2026.