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‘Consistently acted in compliance’, Paytm on SEBI’s administrative warning

EntrackrEntrackr · 1y ago
‘Consistently acted in compliance’, Paytm on SEBI’s administrative warning
Medial

In a response to the SEBI administrative warning, fintech company Paytm said that it has consistently adhered to all listing regulations from time to time, including any amendments and updates to these regulations. On Monday, Paytm received an administrative warning from India’s markets regulator for certain transactions with its banking unit in the fiscal year FY22. The warning pertains to the excess related party transactions (RPTs) entered into by Paytm and its subsidiaries with Paytm Payments Bank Limited (PPBL) during FY22, which were allegedly conducted without the due approval of either the audit committee or shareholders. As per a Reuters report, the warning was related to two transactions with an unapproved amount of Rs 360 crore each. In a stock exchange filing, Paytm said that it is committed to upholding and demonstrating the highest compliance standards and will submit a detailed response to SEBI, addressing the regulator’s concerns on the matter. “… There is no impact on financial, operation or other activities of the company pursuant to the above-mentioned letter,” said Paytm in a stock exchange filing on Monday night. Paytm further said that it is taking the necessary steps to address SEBI’s concerns and improve compliance standards to prevent future occurrences.

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Ola Electric receives SEBI warning over disclosure violation

EntrackrEntrackr · 6m ago
Ola Electric receives SEBI warning over disclosure violation
Medial

Ola Electric receives SEBI warning over disclosure violation Ola Electric Mobility Limited received an administrative warning from the Securities and Exchange Board of India (SEBI) on Tuesday for violating several regulations. In a stock exchange filing, Ola Electric disclosed that the warning pertains to the dissemination of material information about a planned expansion of its store network. SEBI observed that the company’s Chairman, Bhavish Aggarwal, announced the expansion on social media before it was disclosed to stock exchanges, thereby breaching regulations that require the timely and equal dissemination of material information. Last month, Ola Electric announced plans to open 3,200 new stores, aiming to expand beyond metro and tier I and II cities into smaller towns and tehsils. The warning letter highlighted violations of regulations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These regulations mandate that listed entities provide timely and equal access to relevant information for all investors, ensuring transparency and fairness. SEBI has advised Ola Electric to improve its compliance standards and warned of potential enforcement actions if such violations recur. Last week, Ola Electric appointed Pritam Das Mohapatra as the new Company Secretary and Compliance Officer. In his new role, Mohapatra will be responsible for overseeing the company’s regulatory compliance and governance framework to ensure adherence to SEBI regulations and corporate governance standards. In a separate development, Ola Electric has been granted a six-week extension by the Karnataka High Court to respond to a Show Cause Notice issued by the Central Consumer Protection Authority (CCPA). The Bengaluru-based company received the notice in October last year due to an increase in consumer complaints, citing alleged violations of consumer rights, misleading advertisements, and unfair practices.

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