Embassy Office Parks, India's largest real estate investment trust (REIT), said on Tuesday Aravind Maiya will step down as CEO of Embassy REIT with immediate effect, following the market regulator's decision that he is unfit for the role.

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.

Embassy Office Parks announced the immediate resignation of CEO Aravind Maiya following SEBI's directive to suspend him and appoint an interim CEO.

"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.

Embassy REIT announced CEO Maiya's resignation after SEBI issued a show-cause notice citing his disqualification following a 10-year audit ban

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.