Adjudication Order in the matter of Asirvad Micro Finance Limited
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What is this order about?
SEBI examined Asirvad Micro Finance Limited (AMFL) for alleged violations related to the issuance of Non-Convertible Debentures (NCDs) through a private placement that was deemed a public issue under the Companies Act, 2013 and SEBI regulations.
Who it concerns
Asirvad Micro Finance Limited
What was found or directed
- Violated Section 42 of Companies Act, 2013 read with Rule 14(2) of Companies (Prospectus and Allotment of Securities) Rules, 2014
- Violated Section 26(4) read with 2(70), 26(6) read with 26(1), 23(1) & 33(1) of Companies Act, 2013
- Violated Regulations 4(3), 6, 7, 8, 9 and 16 of SEBI (Issue and Listing of Debt Securities) Regulations, 2008
- NCDs issued to Karvy Capital Limited (KCL) were down-sold to 739 investors before listing, making the private placement a deemed public issue
- No Abridged Prospectus issued for NCDs
- No draft or final offer document filed with stock exchange or Registrar of Companies
- No Debenture Redemption Reserve (DRR) created
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/SM/KS/2025-26/32389 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2026-04-28
1777375546689.pdf
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