Sebi Bars Omaxe From Securities Market for Three Months Over Public Shareholding Violations
New Delhi, India | September 26, 2026: Real estate company Omaxe has been barred from accessing the securities market for three months after Sebi found that its minimum public shareholding requirement was allegedly met through a structure involving funds originating from the company and its group entities.
The regulator has also barred five individuals and promoter-linked entities for up to one year and imposed ₹1.92 crore in total penalties over the arrangement.
What Sebi Found in Omaxe’s Shareholding Structure
According to Sebi's 91-page order, Omaxe did not achieve the required 25% minimum public shareholding through genuinely independent public shareholders.
The regulator said certain entities acquired Omaxe shares using funds that originated from Omaxe and its group companies. These entities were subsequently disclosed as public shareholders.
Sebi concluded that the arrangement created the appearance of independent public ownership while the underlying fund trail showed links to Omaxe and its group entities.
₹46.50 Crore Fund Trail Examined by Sebi
Sebi said ₹46.50 crore originating from Omaxe and its group entities was routed through DVM Realtors Pvt Ltd, Garv Buildtech Pvt Ltd and Jeet Builders Pvt Ltd.
The funds were ultimately used to finance the acquisition of Omaxe shares during two Offer for Sale windows held on June 3, 2013, and October 29, 2013.
The regulator said the transactions could not be treated as isolated fund transfers or independent share acquisitions.
Reported Public Shareholding Would Have Been Lower
The Sebi order also examined how the funded holdings affected Omaxe's reported public shareholding.
After the June 2013 OFS, excluding the funded holdings would have reduced public shareholding from 16.21% to about 14.57%, according to the order.
Following the October 2013 OFS, the figure would have been approximately 19.04% instead of 20.97%.
Sebi further said that after a subsequent bonus issue, excluding the funded holdings and related bonus entitlement would have reduced the reported public shareholding from 25.01% to around 22.71%.
Omaxe and Five Others Face Market Restrictions
Omaxe has been prohibited from accessing the securities market for three months.
The one-year restrictions apply to:
- Rohtas Goel
- Jai Bhagwan Goel
- Sunil Goel, former Joint Managing Director of Omaxe
- Dream Home Developers Pvt Ltd
- Guild Builders Pvt Ltd
The restrictions also prohibit the concerned parties from buying, selling or otherwise dealing in securities, including mutual fund units, directly or indirectly, during the applicable period.
₹1.92 Crore Penalty Imposed
Sebi imposed a combined penalty of ₹1.92 crore.
The individual penalties include:
- Omaxe: ₹27 lakh
- Dream Home Developers: ₹27 lakh
- Guild Builders: ₹27 lakh
- Rohtas Goel: ₹37 lakh
- Sunil Goel: ₹37 lakh
- Jai Bhagwan Goel: ₹37 lakh
Sebi said the conduct violated provisions of the Sebi Act and the Prevention of Fraudulent and Unfair Trade Practices Regulations, along with requirements concerning minimum public shareholding and disclosure of shareholding patterns.
Why the Order Matters for Omaxe and Property Stakeholders
For investors and stakeholders following listed real estate companies, the order highlights the regulatory importance of maintaining the required public shareholding through compliant ownership structures.
The case also shows how Sebi can examine historical fund flows and related transactions when assessing whether reported public shareholding represents genuinely independent ownership.
The restrictions relate to Omaxe's access to the securities market and do not, by themselves, constitute an order stopping the company's underlying real estate development activities.