New Delhi, February 13: Paytm Money, an arm of fintech firm One97 Communications, on Thursday settled with markets regulator Sebi a case pertaining to alleged violation of norms after paying Rs 45.50 lakh in settlement amount. The case stemmed from alleged violations of Sebi’s technical glitch framework outlined in its circular dated November 25, 2022.
The order came after Paytm Money filed a settlement application in September last year, proposing to settle the instant proceedings initiated against it, without “admitting or denying the findings of facts and conclusions of law”. “…the instant adjudication proceedings initiated against the noticee vide SCN dated July 24, 2024, is disposed of in terms of the settlement regulations,” Sebi’s adjudicating officer Asha Shetty said in the order. TRAI Warns INR 10 Lakh Fine on Telecom Service Providers Over Failure To Curb Spam Calls and SMS, Introduces Amendments to TCCCPR, 2018 Regulation.
The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against Paytm Money Ltd for the alleged violation. Thereafter, Sebi issued the SCN to Paytm Money on July 24, 2024, for the alleged violation of not settling the permissible limit of 70 per cent for generation of timely alerts for all critical assets.
Further, the regulator alleged that Paytm Money “did not provide the documentary evidence with respect to peak load observations”, and not connecting all its critical systems to a log analytics and monitoring application.
Additionally, the SCN also alleged that the company (Paytm Money) had not conducted a live disaster recovery (DR) drill for April to September 2023. Zepz Layoffs: London-Based Fintech Firm To Cut 20% of Global Workforce To Achieve Long-Term Strategic Goals and Continued Growth,
Pursuant to the receipt of the settlement application, Paytm Money had filed revised settlement terms, which was approved by the Sebi’s high powered advisory committee that recommended the matter be settled.
After remitting the settlement fee of Rs 45.50 lakh, Paytm Money settled the case with Sebi.
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