Paytm Money pays Rs 45.50 lakh fine to settle case with Sebi
20 Feb 2025, 11:09 PMIn a settlement order, Sebi said it had issued a show-cause notice to Paytm Money for violating several provisions of the SEBI Act, 1992.
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Paytm Money has paid a fine of Rs 45.50 Lakh to settle a case with Sebi pertaining to alleged violations of norms for technical glitch framework.
In a settlement order, Sebi said it had issued a show-cause notice to Paytm Money for violating several provisions of the SEBI Act, 1992 such as: not setting a 70% limit for generation of timely alerts for all critical assets; not submitting documentary evidence regarding peak load observed for the inspected period.
Sebi issued a show cause notice for not connecting all its critical systems with Logs Analytics and Monitoring Application; and not conducting live DR drill for the first half of the fiscal year 2023-24 (H1 FY24).
“Pending adjudication proceedings, the noticee (Paytm Money) proposed to settle the instant proceedings initiated against it, without admitting or denying the findings of facts and conclusions of law, through a settlement order and filed settlement application dated September 17, 2024, with SEBI,” the order read.
The development comes weeks after Paytm and its directors and officials, including current as well as former, settled a case with SEBI by paying a cumulative sum of Rs 3.32 crore.
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