Embassy Office Parks, India's largest real estate investment trust (REIT), said on Tuesday that Aravind Maiya will be stepping down as CEO of Embassy REIT, effective immediately, after the country's markets regulator said he was not fit to hold the position.

Embassy Office Parks, India's largest real estate investment trust (REIT), announced on Tuesday that Aravind Maiya will step down as CEO of Embassy REIT, effective immediately. The decision comes shortly after Indian markets regulator SEBI directed Embassy ...

Aravind Maiya, the CEO of Embassy Office Parks Management Services that manages Embassy REIT, will step down from his post following market regulator Sebi's direction to suspend him and appoint an interim CEO immediately.

"While we are reviewing the order and evaluating all options, in compliance with SEBI’s directive, effective immediately, Aravind Maiya will be stepping down as CEO of Embassy REIT. He will assume the role of Head of Strategy for Embassy REIT," the filing read.

Sebi has directed Embassy Office Parks Management to suspend CEO Aravind Maiya due to a ten-year debarment from audit activities by NFRA for professional misconduct. This action aims to protect investors and ensure compliance with regulations regarding the fitness of management personnel.

SEBI suspended Embassy REIT CEO, Aravind Maiya on Monday following a National Financial Reporting Authority (NFRA) order that barred Maiya for 10 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate.

Embassy Office Parks , India's largest real estate investment trust (REIT), said on Tuesday that Aravind Maiya will be stepping down as CEO of Embassy REIT, effective immediately.