SEBI v. Vishal Bali (Fortis Healthcare fund diversion, settlement, 2022)
Settled
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In February 2022 SEBI settled adjudication proceedings against Vishal Bali, a non-independent director of Fortis Hospitals, over alleged aiding of the diversion of public shareholders' funds to the promoters. He paid Rs 65,02,500, neither admitting nor denying the allegations.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2022-02-21 |
| Date resolved | 2022-02-21 |
| Court | SEBI Adjudicating Officer |
| Status | settled |
| Asset class | equities |
| Instruments | Fortis Healthcare Limited shares |
| Venue | NSE, BSE |
| Criminal parallel | No |
| Defendants | Vishal Bali |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
- Penalty as published
- 6.5m INR
What is alleged to have happened
This settlement order of 21 February 2022 was issued by a SEBI adjudicating officer in the matter of Fortis Healthcare Limited. The applicant is Vishal Bali, named as a non-independent director of the subsidiary Fortis Hospitals Limited and a member of its executive or treasury committee.
The background is a SEBI investigation, begun after a February 2018 media article, into alleged siphoning of funds by Fortis Healthcare's promoters and related entities. A show cause notice of 9 April 2021 alleged that Mr Bali failed to do adequate due diligence or exercise independent judgment on loans and investments made by the subsidiary, and so helped divert public shareholders' funds for the promoters' benefit, in breach of section 12A(a), (b) and (c) of the SEBI Act and the PFUTP Regulations.
Mr Bali applied to settle without admitting or denying the findings of fact or conclusions of law. The internal committee met him in November 2021 and communicated a settlement figure of Rs 65,02,500, the High Powered Advisory Committee recommended it on 29 December 2021, the panel of whole time members approved it on 13 January 2022, and he paid on 15 February 2022. The order disposes of the adjudication proceedings, reserving SEBI's right to restore them if his representations are untrue or undertakings are breached.
The order sets out allegations only and makes no finding of wrongdoing. The record does not show the amount of money alleged to have been diverted, how other noticees in the Fortis matter were dealt with, or any criminal case. A parallel settlement of three other individuals and Religare Finvest is recorded separately in this library.
This library applies no technique tag to the matter, because the settled allegations concern aiding diversion of company funds, which fits none of the library's manipulation techniques. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
- 2022-02-21 SEBI settlement order
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.