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Paytm board members levied Rs 3.3 crore fine in total by Sebi

businessmayor
technologyJanuary 17, 2025
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Eight top executives, at One97 Communications, which owns and operates Paytm, including seven board directors and its chief compliance officer, have been fined a total amount of Rs 3.3 crore by the Securities and Exchange Board of India (SEBI).

The fines have been levied for their lapses in abiding by the listing regulations of the country.

In a settlement order issued on Friday, Sebi said that independent directors failed to adhere to their responsibilities concerning matters around the benefits to Paytm founder Vijay Shekhar Sharma and his family members. Sebi said that the directors signed documents which carried incorrect statements.

The markets regulator in its order said that directors signed the document which said that the company had no promoter, whereas Sharma was the promoter of the company.

The Noida-headquartered company filed for settlement with Sebi on May 17, 2024, which was placed in front of the internal committee of the market regulator which levied the fine on multiple officials of the company.

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The fines have been levied on Paytm’s independent directors Ashit Ranjit Lilani, Neeraj Arora, Mark Schwartz, Pallavi Shardul Shroff, non-executive nominee directors Ravi Chandra Adusumalli, Munish Varma and Douglas Feagin, along with Paytm’s then chief compliance officer Amit Khera.

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