Bhavish Aggarwal's Ola Electric Faces SEBI Inquiry Amid Disclosure Concerns

Published • 2 May 2025 at 7:53 AM

Discrepancy found in Ola EV sales data between official reports and VAHAN registrations.
SEBI investigates Ola Electric over insider trading and regulatory compliance concerns.
Business Today

Ola Electric Mobility, led by Bhavish Aggarwal, is reportedly under SEBI investigation for alleged insider trading between October and December 2024. The probe may also include scrutiny of related party transactions. The inquiry comes amid rising regulatory concerns over Ola's public disclosures and sales data. Earlier, discrepancies surfaced between the company's stated sales of 25,000 electric vehicles in February and data from the VAHAN portal, which showed only 8,600 units registered. This sharp difference led to inquiries from the Ministry of Heavy Industries and MORTH, questioning the accuracy of Ola’s reported market share and sales numbers. The company claimed a 28% market share in filings, while VAHAN data suggested a drop to 11.4% from 25% in January 2025. In addition, Ola Electric reportedly received a notice from Maharashtra authorities ordering the closure of over 100 showrooms, though the company denied awareness of such a directive. It has also acknowledged receiving trade certificate-related notices in four states and is in the process of responding to them. Despite regulatory pressure and declining investor confidence—evident in its falling stock price—Ola Electric asserts it remains committed to full regulatory compliance and timely disclosures as required under listing norms. The SEBI probe may further intensify scrutiny on the EV sector's governance standards.

Key Highlights
  • SEBI Investigation: Ola Electric is under SEBI scrutiny for possible insider trading from Oct–Dec 2024.
  • Related Party Transactions: The investigation may include analysis of Ola’s related party dealings.
  • Sales Discrepancy: Ola reported 25,000 EV sales in Feb 2025, but VAHAN portal showed only 8,600 registrations.
  • Market Share Conflict: Ola claimed a 28% market share; VAHAN data indicated only 11.4%, down from 25%.
  • Regulatory Scrutiny: Ministry of Heavy Industries and MORTH have raised concerns about data accuracy.
  • Showroom Closure Notice: Maharashtra officials allegedly ordered closure of 100+ Ola showrooms—Ola denied knowledge.
  • Compliance Claims: Ola acknowledges trade certificate issues in four states and is responding to notices.
  • Stock Impact: Falling investor confidence and share price amid rising regulatory pressure.
  • Company Stance: Ola maintains commitment to regulatory compliance and transparent reporting.

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