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The Securities and Exchange Board of India (SEBI) has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and board members who served during its initial public offering (IPO) in November 2021. The notices allege misrepresentation of facts during the IPO process. This action follows an investigation initiated based on inputs from the Reserve Bank of India (RBI), which had examined Paytm Payments Bank earlier this year. The investigation focuses on Sharma's alleged non-compliance with promoter classification norms. Following the news, Paytm's shares fell by 8%.
#SEBI issued show-cause notices to #Paytm's #VijayShekharSharma and board members over alleged IPO misrepresentation in 2021. https://t.co/KH6yU0sUOV
Paytm's Vijay Shekhar Sharma, Others Face Sebi Show-Cause Notices Over IPO breaches; Shares Fall 8% https://t.co/3sqUCwZHYY
From #Moneycontrol | #SEBI has issued show-cause notices to #Paytm founder Vijay Shekhar Sharma & Board members who served during its initial public offering (#IPO) in November 2021 for alleged misrepresentation of fact https://t.co/TUGwSDS6Np