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Finance & Markets

SEBI issues show-cause notice to Paytm executives over 2023 loan update

Paytm said its top executives received a SEBI notice over a 2023 loan announcement but expects no financial impact

thehindubusinessline.com ·

SEBI issues show-cause notice to Paytm executives over 2023 loan update

India's markets regulator, the Securities and Exchange Board of India (SEBI), issued a show-cause notice to top management at digital payments firm Paytm over the timing of its 2023 announcement regarding small personal loan limits. The notice, received by CEO Vijay Shekhar Sharma and CFO Madhur Deora, grants them 14 days to respond.

Paytm had announced in December 2023 that it would issue fewer sub-50,000-rupee (approximately $525) personal loans following tighter consumer lending rules set by the Reserve Bank of India. This announcement caused a 20% drop in Paytm's shares on the next trading day. Three weeks prior, the RBI tightened rules for personal loans, citing concerns over a surge in small-value loans.

Paytm's shares initially fell about 1.9% after the order but recovered over the following days. However, in the eight days leading up to the December 6 announcement, Paytm's shares dropped around 12%. Paytm stated it does not anticipate any financial impact from the show cause notice, which is intended to seek responses from those under investigation in a probe.

If upheld, the notice could result in monetary penalties or restrictions under Indian securities regulations.

Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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·hani.co.kr

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