AK Capital Group Pays Rs1.33 Crore To Settle DHFL NCD Case with SEBI
Moneylife Digital Team 17 October 2025
AK Capital Group’s five companies paid Rs4.33 crore and agreed to disgorge Rs72.07 lakh, including an interest of 12%pa (per annum) of unlawful gains to settle a regulatory violation case with market regulator Securities and Exchange Board of India (SEBI). The settlement resolves alleged violations relating to a scheme involving Dewan Housing Finance Ltd (DHFL) public issue of non-convertible debentures (NCDs) in May 2018.
 
AK Capital Finance Ltd (AKCFL), AK Stockmart Pvt Ltd (AKSPL), AK Capital Services Ltd (AKCSL), E-Ally Securities (India) Pvt Ltd (EASPL) and Ridhi Sidhi Distributors Pvt Ltd (RSDPL), collectively known as the AK Capital Group, filed suo motu settlement applications under the SEBI (Settlement Proceedings) Regulations, 2018. 
 
SEBI’s investigation revealed that the AK Capital Group allegedly used powers of attorney (POA) to submit bid applications for 1,408,015 NCDs on behalf of 911 investors. Loans were provided by AKCFL to these investors at higher interest rates than the NCD coupon rates. 
 
Post allotment, AK Capital Group allegedly facilitated off-market sales of these NCDs through EASPL and RSDPL, ensuring guaranteed exits at a profit for the investors. The transactions reportedly generated a net gain of Rs26.05 lakh for AK Capital Group.  
 
Following multiple discussions with SEBI’s internal committee between January and May 2025, the applicants revised the settlement terms. 
 
The indicative amounts and disgorgement for each entity were detailed as follows:
 
 
 
The high-powered advisory committee (HPAC) recommended settlement terms, which were approved by SEBI’s panel of whole time members (WTM) on 5 September 2025. The applicants completed the payment on 3 October 2025 and SEBI confirmed receipt.
 
Under this settlement, SEBI will not initiate enforcement action against the AK Capital Group for the identified violations. However, the order reserves SEBI’s right to act if any misrepresentation is found or the terms of settlement are breached in the future.
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