Market regulator Sebi has issued notice to fintech firm One97 Communications, which owns the Paytm brand, in the March 2024 quarter on employee stock options given to its MD and CEO Vijay Shekhar Sharma, according to the company filing on Monday.
In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the market regulator to make required representations.
According to Paytm's financial year 2024 annual result filing, it had issued 2.1 crore employee stock options (ESOP) to Mr Sharma in the financial year 2022.
Sebi had issued a show cause notice to Paytm on ESOP issued to Sharma.
"This is not a new development, as the Company had already made relevant disclosures on this matter in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The Company is in regular communication with the Securities Exchange Board of India (SEBI) and making necessary representations regarding this matter," Paytm said in response to a stock exchange query.
The disclosure made on May 22 and July 19 said that Paytm has submitted its preliminary response and is in the process of seeking further information from the regulator in this regard.
"Based on an independent legal opinion obtained by the management, it believes that the Company is compliant with the relevant regulations. Accordingly, there is no impact on the financial results for the year ended March 31, 2024," the filing said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Jasprit Bumrah Drops Big Mohammed Shami Update On Border-Gavaskar Trophy Selection
Sebi Proposes Accountability For AI Use By Market Infra Institutions, Intermediaries Market Regulator SEBI Orders Attachment Of Bank Accounts Of Videocon Founder Venugopal Dhoot To Recover Dues Paytm UPI Statement Download Feature Introduced to Help Users Track Transactions Russia's Firing Of ICBM On Ukraine Is Weapon's 1st Combat Use In History Meet 69-Year-Old St Stephen's Alumnus Who Posed As Ex IPS To Con Officials 2 More Exit Polls Predict Landslide For NDA In Maharashtra Shared Phones, No Net: Students Face Challenges As Delhi Schools Go Online Miffed with bribery complaints, Mamata Banerjee plans 'total reshuffle' in CID This Asian City Is Emerging As Sex Tourism Hub. It's Not Where You Think Track Latest News Live on NDTV.com and get news updates from India and around the world.