Revocation Order in the matter of Bharat Global Developers Limited

Revocation Order in the matter of Bharat Global Developers Limited

Noticee. Names of Noticees PAN No. 33 Theshiya Kajalben BWUPT8126K 34 Veer Vikas Sorathiya OZXPS8175L 35 Danabhai Gandabhai Parmar ACOPP8027G 36 Ayush Patel DCPPP0147D 37 Prasad Shirke CLAPS1465A 40 Alkaben Pradipkumar Shah DHCPS5135L 42 Pooja Pragnesh Dave APRPD8679L 44 Ankush Rajkumar Dabhane GQUPD7299N 45 Govindsingh Bhavnathsingh Rajbhar EGYPR9301B 47 Rahul Ratansingh Sikarwar NEBPS1895R (The above mentioned entities are hereinafter referred individually by their respective names/Noticee numbers as contained in the interim order dated December 23, 2024)

1. Securities and Exchange Board of India (“SEBI”) passed an Interim Order dated December 23, 2024 (“Interim Order”) in the matter of Bharat Global Developers Limited (“BGDL”/ “Company”) against the Company as well as other entities, who were prima facie observed to be part of a manipulative scheme designed to defraud investors. It was prima facie found that Noticees had violated provisions of the Securities and Exchange Board of India Act, 1992 (“SEBI Act”), SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (“PFUTP Regulations”) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”).

2. The directions issued through the aforesaid Interim Order were, inter alia, confirmed vide order dated March 26, 2025 (“Confirmatory Order”).

3. Simultaneously, an investigation was also carried out by SEBI to examine, in detail, the role of Noticees against whom the Interim Order was passed, including any other entities who played a part in the alleged manipulative scheme.

4. The investigating team has conducted detailed investigation in the matter and has, inter alia, recommended that the directions made in the Interim Order against Noticee nos. 5, 6, 13, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 32, 33, 34, 35, 36, 37, 40, 42, 44, 45 and 47 (collectively referred to as “Identified Noticees”) are not warranted as per the findings of the investigation in the matter. The investigation team has, however, found evidence of violations alleged against other Noticees and appropriate action is being initiated for such violations. Further, reference with respect to certain entities, which includes some of the Identified Noticees, is being sent to other law enforcement agencies for possible violations falling under their jurisdiction.

5. I note that the directions issued against Noticees were interim in nature and were issued on the basis of prima facie findings available at that time. However, considering the findings of the detailed investigation and recommendation of the investigation team, I, in exercise of the powers conferred upon me under Sections 11(1), 11(4) and 11B read with Section 19 of the SEBI Act, hereby, revoke, with immediate effect, all the directions qua Identified Noticees, which were issued vide the Interim Order and confirmed vide Confirmatory Order.

6. The Order shall be served on all Identified Noticees, recognized Stock Exchanges, Depositories, Banks and Registrar and Share Transfer Agents for their information and necessary action.

PLACE: MUMBAI KAMLESH CHANDRA VARSHNEY DATE: AUGUST 27, 2026 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA