SEBI’s September 17, 2026 interim order against Kore Digital Limited creates several different restrictions, and they should not be collapsed into a single claim that the company or its executives have been finally found guilty. The operative directions are confirmed, while the underlying concerns over revenue recognition, financial statements and use of funds remain prima facie findings in an ongoing regulatory process.
What the SEBI Kore Digital order changes now
The SEBI Kore Digital order restricts Kore Digital and the named noticees from accessing the securities market for raising money from the public. It also directs NSE not to permit Kore Digital’s migration from the SME platform to the main board without SEBI clearance.
Separately, Ravindra Doshi, Chaitanya Doshi and Kashmira Doshi are restrained from buying, selling or otherwise dealing, directly or indirectly, in Kore Digital securities until further orders. That is narrower than saying the three individuals are permanently barred from trading all securities in the market.
What the forensic audit covers
SEBI has directed that a forensic auditor examine Kore Digital’s books from the company’s listing date through March 31, 2026. The order also requires attention to the company’s financial statements, related-party transactions and other required disclosures. A copy of the matter has also been sent to the National Financial Reporting Authority for any action it considers appropriate in relation to the auditors.
Why the ₹541.3 crore figure is not a final fraud finding
Current reporting based on the interim order says SEBI recorded a prima facie revenue misstatement of about ₹541.3 crore. The important procedural distinction is that an interim order records SEBI’s current regulatory findings and protective directions; it is not the same as a final adjudication after the noticees have completed their response and hearing process.
Who is restricted and how
| Party | Current restriction or direction |
|---|---|
| Kore Digital Limited | Restricted from raising money from the public through the securities market while the interim directions remain in force. |
| Ravindra Doshi, Chaitanya Doshi and Kashmira Doshi | Restricted from dealing in Kore Digital securities until further orders, in addition to the fundraising-related market-access directions. |
| NSE | Directed not to permit Kore Digital’s migration from NSE Emerge to the main board without SEBI clearance. |
| Kore Digital’s books and records | Subject to a forensic audit covering the period from listing through March 31, 2026. |
What happens next
The noticees have an opportunity to respond to SEBI’s prima facie findings. Current reporting on the order says they may file replies or objections within 21 days of receiving the order and may request a personal hearing. The eventual regulatory outcome may therefore change after representations, the forensic audit, further investigation or a later SEBI order.
What investors should not assume
The order does not establish that every allegation is finally proven, that all named executives are permanently barred from every security, or that the reported ₹541.3 crore figure is a finally adjudicated fraud loss. The immediate confirmed state is the set of interim restrictions, the forensic audit direction and the continuing regulatory process.
What could change this article
This page should be updated if SEBI modifies, confirms or vacates the interim directions, if the forensic audit produces findings, if NFRA announces action, or if NSE receives a new direction on Kore Digital’s proposed main-board migration. Those developments would belong on this same canonical unless they create a materially different reader task.
