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PB Fintech stated that the advisory does not have any material financial impact on the company.
Jumpp intends to roll out insurance offerings across health, life, motor, home and business categories through partnerships with insurance companies.
The startup will use the fresh capital to scale product development and expand engineering and go-to-market teams in India and overseas, among others.
A major violation involved the company's failure to inform regulators about key leadership personnel holding board positions at other firms.
Ajay Seth's most recent role was as finance secretary, preceded by his tenure as secretary in the Department of Economic Affairs.
The licence allows Jupiter to sell both life and general insurance policies through its app.
As of now, state-owned General Insurance Corporation of India (GIC Re) is the only reinsurer in the country.
