Securities and Exchange Board of India (SEBI) has banned five entities, including Excel Realty N Infra, and imposed fines amounting to Rs 1.75 crore ($234,111) for a fraudulent scheme that misrepresented the company's financial statements. The barred entities include Excel Realty's promoters and the company's former CFO. SEBI found that Excel misrepresented transactions amounting to INR 119 crore, and its consolidated financial statements for the fiscal years 2016-17 to 2020-21. The regulatory body has barred Excel for six months and Lakhmendra Khurana for two years from the securities market.