Ola Electric Faces Scrutiny By SEBI
By MYBRANDBOOK
Ola Electric Mobility Limited has received an administrative warning from SEBI for prematurely disclosing its store expansion plans on social media, violating disclosure regulations. This incident underscores the company's need to strengthen its compliance framework and adhere to regulatory guidelines. In a filing to stock exchanges, the company revealed that the warning pertains to premature disclosure of material information regarding its planned store network expansion.
SEBI noted that Ola’s Chairman, Bhavish Aggarwal, had announced plans for opening 3,200 new stores on social media before the information was formally disclosed to stock exchanges. This action violated the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandate timely and equitable dissemination of material information to ensure transparency and fairness for all investors.
Ola Electric has been advised to enhance its compliance framework and warned of potential enforcement actions for future violations. The company recently appointed Pritam Das Mohapatra as Company Secretary and Compliance Officer to strengthen its governance and regulatory compliance processes.
In a parallel development, the Karnataka High Court granted Ola Electric a six-week extension to respond to a Show Cause Notice from the Central Consumer Protection Authority (CCPA). The notice, issued in October 2023, cites alleged consumer rights violations, misleading advertisements, and unfair practices amid rising consumer complaints. This development further highlights the scrutiny facing Ola Electric as it expands its operations and emphasizes the importance of robust governance and compliance in today's evolving regulatory landscape.
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