Embassy Office Parks REIT CEO Steps Down Following Sebi Directive

Embassy Office Parks REIT, India’s first publicly listed real estate investment trust and Asia’s largest office REIT by area, announced a leadership change as CEO Aravind Maiya steps down following a directive from the Securities and Exchange Board of India (Sebi). 

The regulatory action comes in response to an earlier decision by the National Financial Reporting Authority (NFRA), which debarred Maiya for ten years and imposed a penalty of Rs 50 lakh. The NFRA’s order, issued in August, cited professional misconduct during an audit of Coffee Day Enterprises, which reportedly concealed substantial fraud.

Sebi’s interim order and show-cause notice, dated 4 November, required Maiya’s immediate removal as CEO. In response, Embassy REIT stated that Maiya will transition to a new role as Head of Strategy, where he will remain involved in the REIT’s long-term planning while adhering to Sebi’s mandates. Embassy REIT, known for its role in pioneering REIT structures in India, reaffirmed its commitment to governance and transparency throughout the transition, assuring stakeholders that operations and investor interests would remain secure.

The REIT, managed by Embassy Office Parks Management Services Private Limited, noted that its Board of Directors and executive team will oversee all organisational operations and capital allocation during this period, maintaining normal business functions. The company further emphasised its dedication to governance, stressing that the leadership change will not affect daily operations, investor confidence, or the REIT’s strong performance.

Embassy REIT’s stability has been reinforced by positive financial performance for the first half of the 2025 fiscal year, underscoring the resilience of its assets even amid regulatory challenges. Recently, the REIT increased its leasing guidance for fiscal 2025 to 6.5 million square feet, up from an earlier projection of 5.6 million square feet, fueled by strong demand from corporate tenants, including global capability centers. For the second quarter ending September 30, the company reported leasing 2.1 million square feet across 24 deals, bringing its total for the fiscal year’s first half to a record 4.0 million square feet.

With a vast portfolio of 14 office parks totaling 51.1 million square feet across major cities like Bengaluru, Mumbai, Pune, the National Capital Region, and Chennai, Embassy REIT has consistently emphasized its operational scale and market impact. The REIT’s assets include 38.4 million square feet of completed office space, four business hotels, two hotels under construction, and a 100 MW solar park providing renewable energy to tenants. 

Backed by Blackstone until the private equity firm’s complete exit in December 2023, Embassy REIT has maintained a leading role in India’s REIT sector, influencing market expectations and standards.