SEBI warns Paytm for old transactions with banking unit
By MYBRANDBOOK
Paytm has received an administrative warning from the Securities and Exchange Board of India (SEBI) for certain transactions with its banking unit in the fiscal year 2021-22, the fintech company mentioned in an exchange filing.
The regulator said that some transactions between Paytm and the now 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 Rs 324 crore and Rs 36 crore each.
SEBI viewed the violations "very seriously" and instructed Paytm to place the letter before its board for corrective measures. The regulator has also asked to 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.
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