SEBI Bars Suumaya Industries' Promoters for Fraud and Fund Diversion

The Securities and Exchange Board of India (SEBI) has barred four Suumaya Industries promoters, including Ushik Gala (MD) and Ishita Gala (CEO), from the securities market for financial manipulation, fraudulent transactions, and fund diversion.

In an ex-parte order-cum-show-cause notice issued, SEBI barred Ushik from holding any directorial post or key position in any listed company or Sebi-registered intermediary.

SEBI’s investigation revealed that the company allegedly inflated financials, fake sales, and significant off-market share transactions.

For instance, Suumaya reported ₹3,365 crore in sales but received only ₹29.39 crore, with the balance cleared without explanation.

SEBI cited failures in corporate governance and audit oversight, which harmed investor trust.