Rajesh Exports Responds To SEBI Interim Order; Share Price Locked In 5% Lower Circuit

On Thursday, Indian equity benchmarks traded lower, with the benchmark Nifty 50 index declining 0.07 per cent to 23,418.05. Amid the weak market sentiment, Rajesh Exports share price was locked in the 5 per cent Lower Circuit at Rs 103.92. The stock remained under pressure after the Securities and Exchange Board of India (SEBI) issued an interim order highlighting alleged financial reporting, disclosure and fund movement irregularities at the company.

Rajesh Exports Issues Clarification On SEBI Order

Following the regulatory action, Rajesh Exports issued a clarification to stock exchanges regarding the interim order dated June 3, 2026. The company stated that the order is interim in nature and that SEBI has not arrived at any adverse conclusion on any aspect at this stage.

The company further asserted that the revenues reported in its financial statements are correct and that there has been no overstatement of revenues. According to the filing, Rajesh Exports believes there may be a communication gap and misunderstanding between the company and the regulator regarding certain matters under examination.

Rajesh Exports To Submit Additional Documents

Rajesh Exports stated that it is in the process of providing all required and relevant documents to SEBI and is working to clarify the issues raised in the interim order. The company said it remains confident that the regulator will arrive at the correct conclusion after reviewing the authenticated documents being submitted.

The Rajesh Exports also rejected adverse media reports relating to the interim order and indicated that it would issue a separate media clarification to address what it described as unnecessary speculation surrounding the matter.

Background Of SEBI's Interim Order

Earlier, SEBI issued an interim order following an investigation into Rajesh Exports' financial statements, accounting treatment, subsidiary operations and fund movements covering the period from April 2020 to March 2024.

The regulator alleged multiple irregularities, including revenue recognition concerns, questionable transactions with certain entities, fund transfers through promoter-linked accounts, accounting treatment issues and disclosure-related lapses. SEBI also raised concerns regarding the company's disclosures relating to investments in African gold mining assets.

Based on its findings, SEBI imposed interim restrictions on certain promoters and key managerial personnel pending completion of the investigation.

About Rajesh Exports 

Rajesh Exports Ltd is one of India's largest gold refining and jewellery companies. The company is engaged in gold refining, jewellery manufacturing and exports, with operations spanning domestic and international markets.

Through its subsidiaries and global operations, Rajesh Exports participates across various segments of the gold value chain, including refining, sourcing, manufacturing and retailing.

What are your thoughts on Rajesh Exports' response to SEBI's interim order? Share your views in the comments below.
Disclaimer: The article is for informational purposes only and not investment advice.