SEBI reopens 2014 Hexa Tradex investment reorganization case

This order addresses SEBI's investigation into Hexa Tradex Limited and its associates regarding the 2014 reorganization of investments in Hexa Securities and Finance Company Limited (HSFCL) into private promoter group companies. SEBI examined whether this divestment followed due procedures and if it misrepresented financials to the detriment of investors.

Hexa Tradex Limited, Mr. Prithvi Raj Jindal, Ms. Sminu Jindal, Mr. Pravesh Srivastava, Ms. Arti Jindal, Mr. Raj Kamal Aggarwal, Mr. Kuldip Bhargava, Virtuous Tradecorp Private Limited, OPJ Trading Private Limited, Sahyog Holdings Private Limited, Siddeshwari Tradex Private Limited, Mr. Sajjan Jindal, Mr. Naveen Jindal, Ms. Shallu Jindal, and Mr. Ratan Jindal.

• SEBI examined the 2014 reorganization where Hexa Tradex Limited's investments in HSFCL were transferred to private entities (DEPL, VTPL, OTPL, SHPL).
• SEBI noted that the Securities Appellate Tribunal (SAT) disposed of an appeal in December 2025, directing SEBI to pass a reasoned order within eight weeks.
• SEBI noted that the Noticees withdrew their settlement applications on June 1, 2026, stating the proposed terms were not acceptable.
• SEBI granted a final hearing to the Noticees on June 18, 2026, where their legal representatives made submissions.
• SEBI noted that a previous Executive Director had concluded in October 2022 that no enforcement action was needed, but the matter was reopened due to internal disagreements and new complaints.

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