Suraj Estate Developers Limited has paid a regulatory penalty of Rs 9,92,000 to BSE Limited following non-compliance with key SEBI listing regulations. The Mumbai-based real estate developer made the payment on February 27, 2026, after its waiver applications were rejected by the stock exchange.

Regulatory Violations and Penalty Details

The penalty was imposed for violations of two critical SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company received notices from both NSE and BSE dated August 29, 2025, and November 28, 2025, regarding these compliance failures.

Waiver Applications and Rejection

Suraj Estate Developers had submitted waiver applications to BSE on September 10, 2025, and December 2, 2025, providing detailed explanations for the compliance delays. Copies of these applications were also forwarded to NSE for their records. However, BSE rejected the waiver requests through an order dated February 18, 2026, directing the company to pay the levied fine.

Regulatory Communication Timeline

The regulatory process involved multiple communications between the company and stock exchanges:

Impact Assessment

According to the company's disclosure, the penalty will have no material impact on its financial, operational, or other business activities, except for the monetary penalty amount paid. This assessment suggests that while the compliance failure resulted in a financial penalty, it does not affect the company's core business operations or financial health.

Compliance Framework

The violations relate to fundamental corporate governance requirements under SEBI regulations. Regulation 17(1) mandates specific board composition requirements, including the appointment of women directors within prescribed timelines. Regulation 21(2) requires companies to establish Risk Management Committees as part of their governance structure.

The company has made the required disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015, ensuring transparency with stakeholders regarding the regulatory action and its resolution.

Source: None/Company/INE843S01025/6b82d7c2-ffe4-464b-8c65-bfe1e94b68bd.pdf

Suraj Estate Developers has announced the acquisition of Hally Pacific Private Limited, marking a strategic expansion into Mumbai's premium real estate market. The acquisition is positioned to facilitate a major development project in Prabhadevi, one of Mumbai's sought-after localities.

Project Details

The acquisition centers around a potential development project with substantial financial scope:

Strategic Significance

The Prabhadevi location represents a prime real estate opportunity in Mumbai's central business district. The area is known for its connectivity, infrastructure development, and proximity to major commercial hubs. This acquisition aligns with the company's strategy to establish presence in high-value Mumbai real estate markets.

Financial Implications

With a potential Gross Development Value of ₹200 crore, this project represents a significant undertaking for Suraj Estate Developers. The GDV indicates the total estimated value of the completed development, reflecting the scale and ambition of the planned project in the Prabhadevi area.

Market Position

This acquisition demonstrates the company's commitment to expanding its portfolio in Mumbai's competitive real estate landscape. The move positions Suraj Estate Developers to capitalize on the demand for quality developments in well-connected Mumbai localities, particularly in areas like Prabhadevi that offer both residential and commercial potential.