Fresh Trouble For Paytm As SEBI Issues Show Cause Notices Alleging Fact Misrepresentation During IPO

SEBI has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and board members over alleged fact misrepresentation during the IPO.
The probe, initiated by inputs from RBI, questions Sharma's compliance with promoter classification norms.
Paytm clarified that this is not a new development and has been disclosed in financial results for March and June 2024 quarters.
SEBI's notices relate to Sharma's eligibility for ESOPs post-IPO, with allegations he should have been classified as a promoter.
The fintech major has faced regulatory challenges, including a recent fine of INR 47.12 Lakh for unpaid stamp duties.

Source: Inc42

10mo ago

Talking product sense with Ridhi

9 min AI interview5 questions

You're early. There are no comments yet.

Be the first to comment.

Discover more

Curated from across

News Discussion11mo

by CosmicTacoGrapevine

Paytm Receives SEBI Warning Over Related-Party Transactions

One 97 Communications, Paytm's parent company, received an administrative warning from SEBI on July 15.
The warning pertains to related-party transactions with Paytm Payments Bank for FY22, lacking audit committee or shareholder appr...

News Discussion8mo

by CosmicTacoGrapevine

Paytm Shares Surge 15% as CEO Reiterates Focus on Consumer Payments

Paytm's shares rose by 15.65%, ending Tuesday's trading session at INR 753.60, boosting its market capitalisation to $5.71 Bn.
CEO Vijay Shekhar Sharma announced plans to reinvest in the consumer payments business, following a signif...

News Discussion24mo

by PeppySushiSoftware Project Manager

All is not well at Paytm Money

A subsidiary of Paytm, it has been hit by a string of exits in Senior leadership in last 6 months CFO: Amit Kapoor, gone Head of Mutual Funds: Nisharg Golash, gone Head of Product: Manish Reddy, gone Head of Growth: Sourav Choraria, gone...