<h1>Sebi Rejects Florida Firm's Bid for Religare Stake Over Financial Capability, Disrupting Burman Group's Ongoing Offer</h1> The Securities and Exchange Board of India (Sebi) rejected a plea from a Florida-based entity seeking to make a competing open offer for a majority stake in Religare Enterprises Ltd (REL). The applicant, offering Rs 275 per share, failed to demonstrate financial capability and did not deposit Rs 600 crore as directed by the Supreme Court. Sebi noted the application lacked bona fides and would disrupt the ongoing open offer by the Burman Group, which is proceeding with its acquisition bid at Rs 235 per share. The regulator criticized the applicant's merchant banker for inadequate due diligence and emphasized the need to protect existing shareholders' interests.