Religare Enterprises Ltd (REL) has confirmed that its material subsidiary, Religare Broking Ltd (RBL), has received approval from the Securities and Exchange Board of India (SEBI) for a change in management, shareholding, and control. SEBI granted the approval on December 23, 2024, following RBL’s application for the proposed changes.
This announcement follows REL’s update on December 10, 2024, when it disclosed that the Reserve Bank of India (RBI) had granted the Burman family permission to increase its stake in the company. Both the Burman family and the Religare Group are required to consolidate their non-banking financial companies (NBFCs) under a unified structure by March 31, 2026.
However, RBI had not approved the appointment of four proposed directors, asking the company to submit the names of the proposed directors along with a board resolution, after confirming their “fit and proper” status.
Forensic Investigation into Funds Misappropriation
In a separate development, REL provided an update on the forensic investigation into allegations of siphoning-off funds by the company’s former promoters. The final report of the investigation has been completed and was presented to the company’s Board of Directors.
In a filing with the National Stock Exchange (NSE) and BSE on December 24, 2024, REL stated, “A copy of the report has been forwarded to the Board of Directors for taking note of the findings.” Given the severity of some of the findings, the company has also shared the report with the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) for further review and action.
These steps reflect REL’s ongoing commitment to improving governance and addressing significant concerns regarding its financial operations.\
Shares of Religare ended 0.4% lower at ₹307.90 on Tuesday, ahead of the announcement about the change in ownership.
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