The Rajesh Exports SEBI order of 14 October 2026 keeps chairman Rajesh Mehta barred from dealing in the company’s shares until further orders. SEBI said the answers it received did not remove its concerns about disclosures and fund routing. The order confirms the interim directions from June. The investigation is still on.
What the Rajesh Exports SEBI Order Says
SEBI Whole Time Member Kamlesh C Varshney passed a confirmatory order on 14 October 2026. It continues the directions that SEBI issued in June.
Here are the main points of the order:
- Rajesh Mehta cannot buy, sell or deal in Rajesh Exports securities, directly or indirectly, until further orders.
- The company must keep making true, fair, accurate and complete disclosures. This covers its financial statements, related-party deals and other key information.
- The company and the promoter must help the probe team and give the papers it asks for.
- The probe agencies and the forensic auditor must finish their work fast.
Some news reports call the October order a final order. SEBI’s own words say the directions last until further orders. The case is not closed, and the probe goes on. Read the full order for its exact wording.
Two terms need a simple meaning. A related-party deal is a deal between the company and people or firms linked to it. A forensic auditor is an expert who digs into records to trace where money went.
Confirmatory Order Versus Interim Order
An interim order is a first step. SEBI can pass it fast when it sees a risk to investors. An ex-parte order means SEBI passed it without first hearing the other side.
After an interim order, the people named get a chance to reply. SEBI then looks at the replies. If it is not satisfied, it can confirm the directions. That is what happened here.
A confirmatory order is not a final judgement on guilt. SEBI said the material in front of it did not remove the concerns, at this stage. It also said that continuing the directions was in proportion to what is under investigation.
What SEBI Alleged in June
SEBI passed its first order, a 109-page interim ex-parte order, on 3 June 2026. It found, on a first look, that the company had misrepresented about ₹15,15,385 crore. That was 99.80% of the revenue that the company attributed to its subsidiaries between FY 2020-21 and FY 2024-25.
SEBI also pointed to funds routed through personal bank accounts of the promoters. It said an investment of about ₹1,035 crore in African gold mining assets could not be checked.
| Date in 2026 | Event |
|---|---|
| 3 June | SEBI passes interim ex-parte order |
| 4 June | Shares hit the 5% lower circuit limit |
| 14 October | SEBI confirms its interim directions |
| 15 October | Stock is in focus after the order |
A lower circuit is the most that a share can fall in one day. On 4 June, the stock stopped at that limit. The price on NSE was ₹103.92.
SEBI’s View on the Missing Information
SEBI said that some records it asked for never came. Some came in part. Some came in a form that SEBI could not check on its own.
The company and its chairman gave reasons for this. They named secrecy duties, contracts, data rules and foreign laws. SEBI answered that the material did not show real effort to get the data by legal means.
SEBI also turned down a request to lift the curbs. The company argued that no trading had been found in the shares. SEBI said that this alone was not enough.
On the money trail, SEBI said large sums moved through Mehta’s personal bank accounts. It said the company did not explain the legal basis well. It also rejected the view that Mehta was only a go-between.
The Company’s Response
In June, Rajesh Exports said the order was only interim and that SEBI had reached no adverse final conclusion. It said there seemed to be a communication gap between the company and the regulator. It also said its reported revenues were correct.
We did not find a company response to the 14 October order in the sources we checked. Check the BSE and NSE sites for any new statement from the company.
SEBI’s June order also noted that 97% to 99% of the company’s consolidated revenue came from overseas subsidiaries. It named Switzerland-based Valcambi SA as the main one. It said the subsidiaries’ financials were not in the public domain.
What Shareholders Should Know
Be clear on what is known and what is not. The allegations are prima facie findings. That means they rest on a first look at the evidence. SEBI has not made a final finding of guilt.
Here are some simple steps for shareholders:
- Read the SEBI order on the SEBI website, not only the news.
- Read the company’s filings on the BSE and NSE websites.
- Check how much of your portfolio sits in one stock.
- Watch for the next SEBI or company update.
New investors who plan to buy listed shares need a demat account first. Demat account opening is the first step. Then read each company’s filings before you buy. Many investors follow such filings in a share market app, and the exchange websites carry them too.
What Comes Next
The probe will go on. SEBI has asked the probe team and the forensic auditor to move fast. More orders can follow once their work is done.
For now, the restraint on Rajesh Mehta stays. The company must keep its reports complete and accurate. Watch the exchange filings for the next step.
This article gives facts and is not advice to buy, sell or hold any stock.
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