 "Paytm")
Sebi said the violations were viewed “very seriously” and directed Paytm to place the letter before its board for corrective measures and submit a report on action taken within 10 days after that. (Photo: Reuters)
Paytm received an administrative warning from India’s markets regulator for certain transactions with its banking unit in the fiscal year 2021-22, the fintech firm said in an exchange filing.
The Securities and Exchange board of India (Sebi), in the latter dated July 15, said some transactions between Paytm and the now wound-down Paytm Payments Bank were conducted without approval from the company’s audit committee or its shareholders.
The administrative warning was related to two transactions with an unapproved amount of 3.24 billion rupees ($38.8 million) and 360 million rupees each.
Sebi said the violations were viewed “very seriously” and directed Paytm to place the letter before its board for corrective measures and submit a report on action taken within 10 days after that.
Paytm, in its response, said it believes it has consistently acted in compliance with regulation, and added that there is no impact on financials and operations of the company due to the warning.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 16 2024 | 9:35 AM IST
