NEW DELHI, April 16 -- Electric cab aggregator BluSmart has temporarily halted its services at Delhi's Indira Gandhi International Airport (IGIA), amid regulatory pressure from market watchdog Sebi.

A passenger advisory issued by Delhi International Airport Ltd (DIAL) on Tuesday informed travellers that BluSmart's operations from Terminals 1 and 3 have been paused. Other taxi services including Ola, Uber, Meru, Mega, Black & Yellow taxis, and Carzonrent remain operational. Commuters were also advised to use the Airport Express and Magenta metro lines for last-mile travel.

The suspension follows a recent Sebi order restraining BluSmart's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from raising capital over alleged irregularities in previous funding rounds.

Several passengers across Delhi-NCR, Bangalore and Mumbai were unable to book cabs through ride hailing app BluSmart on Wednesday.

BluSmart, co-founded by Anmol Singh Jaggi, who is also the promoter of Gensol Engineering, provides electric car services in Delhi-NCR, Bangalore and Mumbai.

Multiple attempts to book BluSmart rides have failed since the evening, according to various customers.

Gensole and Jaggi are facing multiple headwinds, including financial woes and have come under market regulator Sebi's scanner.

When contacted, a company spokesperson declined to comment.

In June last year, BluSmart launched services in the UAE as a premium all-electric limousine service.

The company, as on January 9, had a fleet of over 8,500 electric vehicles and a charging network of 5,800 stations across 50 hubs in Delhi NCR and Bengaluru, and was supported by 10,000+ active driver partners.

Sebi on Tuesday barred Gensol engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders in a fund diversion and governance lapses case.

The regulator has also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.

Further, the markets watchdog directed Gensol Engineering Ltd (GEL) to put on hold the stock split announced by it.

The order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.

Published by HT Digital Content Services with permission from Millennium Post.