Embassy REIT CEO Aravind Maiya Steps Down Amid SEBI Suspension Order

Aravind Maiya will step down as Chief Executive Officer (CEO) of Embassy Office Parks REIT following a SEBI directive to replace him with an acting CEO immediately. SEBI’s order comes after the National Financial Reporting Authority (NFRA) imposed a 10-year ban on him due to audit-related disqualification.

Embassy REIT, India’s first publicly traded REIT, has announced that Maiya will transition to the role of Head of Strategy while the Board manages operations and searches for an interim CEO. The NFRA’s ban stems from audit failures related to Coffee Day Enterprises. SEBI emphasised the importance of protecting investor interests and maintaining the “fit and proper person” standard.