New Delhi, March 5 Nexus Select Mall Management has settled allegations of violating REIT (Real Estate Investment Trust) norms with market regulator Sebi after paying a settlement fee of Rs 24.37 lakh.
In its order on Wednesday, Sebi said that Nexus Select Mall Management had remitted the amount to settle the allegations of failing to maintain the required net worth and failing to inform the regulator about changes in net worth.
Following the receipt of the settlement amount by Sebi, the adjudication proceedings initiated against the applicant vide a Show Cause Notice dated June 11, 2025, were disposed of in accordance with the Settlement Regulations, the order noted.
The regulator issued a Show Cause Notice to the applicant on June 11, 2025, for violating REIT Regulations. It was alleged that the applicant failed to maintain the required net worth and also failed to inform Sebi about the material change in net worth, thereby violating REIT Regulations.
While adjudication proceedings were pending, the applicant proposed to settle the proceedings initiated against it, "without admitting or denying the facts and conclusions of law," through a settlement order and filed a settlement application with Sebi on July 10, 2025.
Sebi reviewed the proposal, after which Nexus Select Mall Management remitted the settlement amount of Rs 24.37 lakh. Consequently, Sebi disposed of the proceedings initiated against the applicant.
