- By Aditya Pratap Singh
- Thu, 17 Apr 2025 12:47 PM (IST)
- Source:JND
Anmol Singh Jaggi: The Securities and Exchange Board of India (SEBI) has banned Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of Gensol Engineering Limited (GEL), a clean energy and electric vehicle company, from accessing the securities markets until further notice as part of a significant crackdown on corporate governance violations. Serious claims of fund diversion and the misuse of corporate resources for private benefit prompted the regulatory action. The duo has also been asked not to hold any position in the company till further notice.
Who is Anmol Singh Jaggi?
Anmol Singh Jaggi is a well-known figure in India's clean energy and electric vehicle industries. Anmol completed his graduation in Applied Petroleum Engineering from a university in Dehradun and has held important leadership roles in several businesses.
In addition to being the managing director of Matrix Gas and Renewables Limited, he is a co-founder of the EV-based ride-hailing startup BluSmart. Anmol interned at Reliance Industries in 2005 prior to starting Gensol in 2017.
Known as a "fauji kid" who had aspirations of becoming an entrepreneur from a young age, Anmol started BluSmart in 2019 with just 70 electric cars. After acquiring cutting-edge technology to strengthen its EV capabilities, the company scaled operations to a fleet of 1,250 cars operating in a single shift by April 2022.
Anmol Singh Jaggi Net Worth
As the father of two kids, ages four and ten, Anmol is also a family man. His financial holdings have garnered attention despite his generally low profile. Anmol Singh Jaggi, whose estimated net worth exceeds Rs 1,020.8 crore, publicly owns shares in one listed company, according to corporate shareholding data filed in December 2023 and reported by Sovrenn.com.
What Are Sebi's Findings
The promoter-directors allegedly used Gensol's funds as their own "piggy bank," according to SEBI's interim order. According to the market regulator, there was no obvious business rationale behind the money's siphoning off and routing it through related parties. According to SEBI, the publicly traded company seemed to have been operated by the Jaggi brothers as though it were a proprietary business.
The PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations were also violated, according to the order. In addition to describing how money was layered through numerous transactions to obfuscate the trail and enable the funds to flow smoothly into multiple related entities and individuals, it cited Gensol's lax internal controls.
Given these conclusions, SEBI ordered Gensol to stop its planned stock split in addition to prohibiting the Jaggis from holding any important managerial roles there. To uncover the full scope of the financial mismanagement, a forensic audit of the company's books and its affiliated parties has been mandated.
Gensol Future Ahead
The future of Gensol Engineering and its leadership is extremely uncertain in light of the SEBI order. The directive has a lasting negative effect on the company's operational credibility and investor confidence, in addition to its reputation in public markets.
SEBI’s crackdown marks an accountability and governance concern in India’s clean energy and electric vehicle (EV) sectors, which have otherwise experienced rapid growth and intense investor interest in recent years, as the forensic audit continues and investigations become more thorough.