Sebi Slaps Notice On Ola Electric For Violating Disclosure Norms

New Delhi: Electric vehicle (EV) company Ola Electric Mobility Limited has received an administrative warning from the markets regulator, the Securities and Exchange Board of India (SEBI), for violating disclosure norms.The reason cited is that Ola Electric announced its e-scooter expansion plans first on social media instead of announcing it on the stock exchanges.

In an administrative warning, sent via email on January 7 for violating various sections of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the regulator asked the EV firm to ensure “equal, timely, cost-efficient access to relevant information for all investors” via stock exchanges.

“By failing to first disseminate the information on the stock exchanges and instead announcing it on social media platforms, you have failed to provide equal and timely access to information to all investors,” read the SEBI warning.