AK Capital Services and four related group companies have reached a settlement with the Securities and Exchange Board of India (SEBI) regarding alleged violations in the public issue of non-convertible debentures (NCDs) by Dewan Housing Finance Limited (DHFL). The settlement, detailed in an order dated October 16, covers five companies within the A.K. Capital Group.

Settlement Details

The companies involved in the settlement and their respective settlement amounts are as follows:

Alleged Violations

SEBI's investigation revealed that the A.K. Capital Group allegedly:

1. Used Power of Attorney to submit bid applications for 14,08,015 NCDs on behalf of 911 applicants in DHFL's public issue.
2. Provided loans at 11% and 10.5% interest rates to applicants for NCDs with lower coupon rates of 8.90% and 9.00%.
3. Sold the allotted NCDs through off-market transactions while providing guaranteed profitable exits.

The group reportedly made a net gain of ₹26,05,075 from these transactions.

Settlement Terms

Under the settlement terms:

• The companies will pay a total of ₹4,33,41,106, which includes disgorgement amounts and 12% annual interest on unlawful gains.
• SEBI will not initiate enforcement action for these violations.
• The order reserves SEBI's rights to take action if any misrepresentation or breach of conditions is found.

Company Statement

AK Capital Services has confirmed that there is no expected material impact on its financial or operational activities due to this settlement.

Recent Management Changes

In a separate development, Mr. Vikram Puri, Head Director-Corporate Relations of AK Capital Services Limited, has resigned from his position effective October 17, citing personal and other professional commitments.

This settlement highlights the regulatory scrutiny on financial practices in the Indian capital markets and underscores the importance of adherence to regulatory norms in public issues of securities.

AK Capital Services has announced that it has received a request from Mrs. Anshu Aggarwal, a promoter of the company, to reclassify her shareholding status from the 'Promoter' category to the 'Public' category. This reclassification request comes under Regulation 31A of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015.

Request Details

According to the company's filing, Mrs. Aggarwal currently holds zero equity shares, representing a 0.00% shareholding in AK Capital Services. The request for reclassification was submitted to the company on October 1, 2025.

Next Steps

AK Capital Services has stated that it will take the following actions in response to this request:

1. Present the reclassification request to its Board of Directors for analysis and consideration.
2. Seek necessary approvals from regulatory authorities as required under the SEBI regulations.

Regulatory Compliance

The company has made this announcement in compliance with Regulation 31A(8)(a) of the SEBI Listing Regulations. This regulation requires listed entities to disclose to the stock exchanges any requests received for reclassification of shareholding status within 24 hours of receipt of such request.

Impact on Shareholding Structure

If approved, this reclassification would result in Mrs. Anshu Aggarwal's status changing from 'Promoter' to 'Public' shareholder. However, given that she currently holds no shares in the company, this change would not affect the overall shareholding pattern of AK Capital Services.

The company's management, led by Company Secretary & Compliance Officer Subodh More, has assured that all necessary steps will be taken in compliance with the relevant regulations. Shareholders and investors are advised to monitor further announcements from the company regarding the progress of this reclassification request.