India Power Corporation MD Raghav Raj Kanoria Pays ₹24.70 Lakh To Settle SEBI Case
Moneylife Digital Team 06 August 2026
 
The proceedings stemmed from an investigation by SEBI into IPCL. Based on its findings, the market regulator initiated adjudication proceedings against the company's MD for alleged violations of various provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), Ind AS 109 and the SEBI Act. 
 
According to the show-cause notice (SCN) issued on 28 May 2025, SEBI alleged that the company's financial statements for FY22-23 and FY23-24 contained misstatements. One allegation related to the failure to recognise expected credit losses (ECL) on receivables from Power Trust amounting to ₹199.70 crore. 
 
The regulator also alleged that the company failed to recognise expected credit losses of ₹37.53 crore on unsecured loans, including accrued interest, resulting in further misstatement of the financial statements. 
 
Pending adjudication, Mr Kanoria filed a settlement application with SEBI on 21 July 2025 under the SEBI (Settlement Proceedings) Regulations, 2018. After discussions with SEBI's internal committee (IC) and revised settlement terms submitted by the applicant, the high-powered advisory committee (HPAC) recommended settlement of the matter upon payment of ₹24.70 lakh. 
 
SEBI's panel of whole-time members (WTMs) accepted the HPAC's recommendation on 13 May 2026. Following a demand notice issued on 20 May 2026, Mr Kanoria remitted the settlement amount on 17 June 2026, after which SEBI confirmed receipt of the payment and disposed the adjudication proceedings under Section 15JB of the SEBI Act. 
 
The regulator clarified that the settlement order does not prevent it from reviving or initiating enforcement action if any representation made during the settlement process is later found to be untrue or if the applicant breaches the terms and conditions of the settlement.
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