Ola Electric, Bhavish Aggarwal seek SEBI settlement over motorcycle claims
Ola Electric and its founder-chairman Bhavish Aggarwal are looking to settle with SEBI after the regulator accused them of making misleading statements about their electric motorcycles.
The investigation focuses on Ola's claims around service center growth, sales numbers, and delivery timelines between its August 2024 IPO and May 2025.
Ola filed the settlement request in April 2026 (filed on April 23, 2026), soon after getting a show-cause notice from SEBI.
SEBI says Ola overstated service network
SEBI says Ola promised a huge service network (4,000 locations by December 25, 2024, with over 3,200 new stores co-located with service centers) but only had 452 running by February 2025.
The company also reported over 25,000 vehicle orders, but just over 5,000 were actually registered, and more than 3,300 got canceled.
Plus, deliveries for the Roadster bike were delayed by months.
These announcements even moved Ola's stock price up by over 8%, which SEBI believes may have misled investors.