Sebi settles case against India Power Corp's Raghav Raj Kanoria for Rs 24.7 lakh

Markets regulator Sebi on Wednesday settled adjudication proceedings against India Power Corporation Ltd (IPCL) Managing Director Raghav Raj Kanoria after he paid Rs 24.7 lakh as settlement amount in a case related to alleged misreporting of the company's financial statements.

The proceedings pertained to alleged misstatement and misrepresentation of IPCL's financial statements for 2022-23 and 2023-24 over non-recognition of Expected Credit Losses (ECL) on certain receivables and unsecured loans.

According to Sebi's settlement order, the regulator had initiated adjudication proceedings against Kanoria in his capacity as managing director of IPCL following an investigation into the company.


The Securities and Exchange Board of India (Sebi) alleged that the company's financial statements for FY23 and FY24 did not recognise Expected Credit Losses on receivables from Power Trust amounting to Rs 199.70 crore.

It also alleged that the financial statements did not recognise Expected Credit Losses on unsecured loans, including accrued interest, amounting to Rs 37.53 crore.

Sebi had issued a show-cause notice to Kanoria in May 2025 for the alleged violations of provisions of the Listing Obligations and Disclosure Requirements (LODR) Regulations.

While the adjudication proceedings were pending, Kanoria filed a settlement application with Sebi in July 2025, proposing to settle the matter without admitting or denying the findings of fact and conclusions of law.

Subsequently, Sebi's High Powered Advisory Committee recommended that the case be settled on payment of Rs 24.7 lakh.

The recommendation was accepted by a panel of Sebi's Whole Time Members in May this year, following which Kanoria remitted the settlement amount on June 17.

"In view of the acceptance of the settlement terms and the receipt of the settlement amount by Sebi, the instant adjudication proceedings initiated against the applicant... is disposed of," the regulator said.