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
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What is this order about?
This order examines whether Axis Trustee Services Limited failed to ensure compliance with 'fit and proper' criteria for Aravind Maiya, CEO of Embassy Office Parks Management Services Private Limited (EOPMSPL), following an NFRA order against him.
Who it concerns
Axis Trustee Services Limited
What was found or directed
- SEBI found Axis Trustee Services Limited violated regulations 9(3), 9(4), and 9(16) of SEBI (Real Estate Investment Trusts) Regulations, 2014
- SEBI found Axis Trustee Services Limited violated regulation 7(d) read with clauses 1, 2, 7, 8 of Schedule VI of REIT Regulations
- Axis Trustee Services Limited failed to ensure timely disclosure of NFRA order against Aravind Maiya to unitholders
- Axis Trustee Services Limited failed to independently assess Aravind Maiya's 'fit and proper' status
- Axis Trustee Services Limited did not take corrective actions until SEBI intervened
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/JS/DP/2026-27/32396 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2026-04-29
ORDER_1777459423.pdf
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