Please find enclosed a copy of the settlement order dated October 16, 2025 issued by SEBI, the contents whereof are self-explanatory.
AKCAPIT · price
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A. K. Capital Services Ltd and two group entities (AK Capital Finance Ltd and AK Stockmart Pvt Ltd) settled proceedings with SEBI via a consent order dated October 16, 2025, without admitting or denying any findings. The case arose from allegations that the group used Power of Attorney to bid for 14,08,015 non-convertible debentures (NCDs) on behalf of 911 applicants in DHFL's May 2018 public issue (₹10,944.79 crore raised), then arranged guaranteed exits through off-market sales to group-funded entities, netting the group ₹26.05 lakh in unfair gains. AK Capital Services paid ₹90.67 lakh (₹54.67 lakh indicative + ₹20.25 lakh disgorgement + ₹15.74 lakh interest), while the group collectively paid around ₹6.25 crore including disgorgement and 12% interest. SEBI conducted an investigation after which the matter was settled through HPAC recommendations and amounts were remitted on October 3, 2025. SEBI will not initiate further enforcement action, though the order preserves rights if misrepresentations are later found. The company states there is no material financial or operational impact.
The matter is closed without admission of guilt, and the penalty amounts are already paid and small relative to the group's operations — limited negative impact is expected. However, the regulatory taint related to the DHFL episode may weigh on sentiment and governance perception.