Transparency Took a Backseat: SEBI Slams Man Industries with Market Ban and Heavy Penalty

India’s market regulator, the Securities and Exchange Board of India (SEBI), has imposed a two-year ban on Man Industries and three of its top executives, including Chairman Ramesh Mansukhani, Managing Director Nikhil Mansukhani, and former CFO Ashok Gupta, barring them from accessing securities markets. This order, issued on September 29, 2025, comes amid serious allegations of diversion of funds and financial misrepresentation.

 

Key Regulatory Findings

Company and Market Impact

Man Industries, a leading manufacturer and trader of submerged arc welded pipes and steel products, now faces significant regulatory and reputational challenges that could affect its operations and investor confidence. The ban prevents the company and concerned executives from participating in securities markets for the imposed period, impacting their ability to raise funds and conduct market-related transactions.

 

SEBI’s decisive action underscores its commitment to enforcing transparency and protecting investor interests in India’s financial markets. This order is part of SEBI’s broader crackdown on corporate governance lapses and financial irregularities.

 

Source: Reuters, Economic Times, Moneycontrol