SEBI Violations: Top Paytm Officials Pay Rs 3.32 Crore As Settlement - Details

Paytm officials pay Rs 3.32 crore: The Securities and Exchange Board of India (SEBI) on Friday said that former Paytm officials have collectively paid Rs 3.32 crore towards alleged violation of SEBI norms. The amounts for individual officials varied between Rs 11 lakh to Rs 53.60 lakh. According to SEBI, the notices were issued to the applicants on December 13 and December 16 and the individuals were told about the remittance amounts at the same time. 

Former Paytm Officials Pay Rs 3.32 Crore: SEBI

In a notice on Friday, the market regulator said that the officials - Amit Khera, former compliance officer, One97 communications, former independent directors Ashit Ranjit Lilani, Neeraj Arora, Mark Schwartz and Pallavi Shardul Shroff, along with Douglas Feagin, Munish Varma and Ravi Chandra Adusumalli paid over Rs 3.32 crore in order to settle the alleged violations cited by the market regulator.

Former Paytm Officials Pay Rs 3.32 Crore: What Are The Allegations Against Them?

Among various allegations levelled against the officials included - 'failure to ensure conformity with the regulatory provisions applicable to the listed entity in letter and spirit', failure to 'discharge duties with unbiased and independent approach while decision-making with respect to matters involving benefits to Vijay  Shekhar  Sharma  (MD&CEO, Paytm) and his relatives', among others.

According to the SEBI order, some of the members mentioned above, 'authorized and signed offer documents containing incorrect statement and incomplete disclosures' in connection with Paytm. The action was taken after an internal committee of SEBI recommended that such a settlement could be reached in the matter.