SEBI Closes Proceedings Against Religare Enterprises and Rashmi Saluja Following Burman Group Takeover
Key Takeaways
- •SEBI has closed regulatory proceedings launched in 2024 against Religare Enterprises, former Executive Chairperson Rashmi Saluja, and five other individuals.
- •The regulator determined no further directions were necessary because the Burman Group had already completed its open offer and acquired majority control of Religare in February 2025.
- •SEBI's earlier interim directions were characterized as preventive and remedial, and the regulator concluded their objectives had been met once ownership changed hands.
- •The Burman Group, the promoter family behind Dabur India, publicly declared its intent to acquire Religare in 2023, triggering a contested battle with the then-management led by Saluja.
- •The closure removes a regulatory overhang for Religare under its new promoters while highlighting the complexities of contested takeovers in India's financial services sector.
SEBI Closes Proceedings Against Religare Enterprises and Rashmi Saluja Following Burman Group Takeover
The Securities and Exchange Board of India (SEBI) has formally closed regulatory proceedings initiated in 2024 against Religare Enterprises, its former Executive Chairperson Rashmi Saluja, and five other individuals. The market regulator determined that no further regulatory directions were necessary because the Burman Group's open offer and subsequent takeover of Religare Enterprises had already been completed.
SEBI had earlier issued interim directions in connection with the matter, which it described as preventive and remedial in nature. According to the regulator, those measures had fulfilled their intended purpose once control of Religare Enterprises changed hands in February 2025, when the Burman Group formally acquired majority control of the company.
Religare Enterprises is an Indian financial services company that traces its origins to the financial services empire built by erstwhile promoters Malvinder and Shivinder Singh, who exited the company amid legal and financial troubles. The Burman Group, the promoter family behind the consumer goods conglomerate Dabur India, had been building a stake in Religare before publicly declaring its intent to acquire control in 2023. That announcement triggered a contentious battle with the then-management led by Saluja, who opposed the takeover attempt. The Burman Group ultimately succeeded in taking over the company through a process that included a mandatory open offer to public shareholders under India's takeover regulations.
The proceedings, launched in 2024, had examined circumstances surrounding the open offer process. With the change in ownership now complete and the regulatory objectives of the interim orders achieved, SEBI concluded that continuing the proceedings would serve no additional regulatory purpose. The closure removes a layer of regulatory overhang for Religare under its new promoters, though the broader episode underscores the complexities of contested takeovers in India's financial services sector.