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Market regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> has issued notice to fintech firm <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, which owns the <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords">Paytm</keyword> brand, for the employee <keyword id="20410988" type="General" weightage="20" keywordseo="stock-options" source="keywords">stock options</keyword> (<keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>) allocated to MD and CEO <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, 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 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 <keyword id="19970553" type="General" weightage="20" keywordseo="securities-exchange-board-of-india" source="keywords">Securities Exchange Board of India</keyword> (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. Shares of One97 Communications Ltd, which owns the Paytm brand, on Monday dropped over 4% amid reports that SEBI has issued show-cause notices to Vijay Shekhar Sharma and board members who served during its IPO in November 2021 for alleged misrepresentation of facts. The stock tanked 4.41 % to settle at Rs 530.05 apiece on the BSE. During the day, it plunged 8.88 % to Rs 505.25. On the NSE, shares of the firm dropped 4.47 % to Rs 530. Intra-day, the stock tumbled 8.88 % to Rs 505.55. The company's market valuation declined by Rs 1,534.23 crore to Rs 33,731.56 crore. Earlier in the day, BSE sought clarification from One 97 Communications Ltd with reference to news that Vijay Shekhar Sharma, Paytm directors face SEBI show-cause notices over initial public offering (IPO) breaches, particularly on ESOPs allotted to MD and CEO Vijay Shekhar Sharma. 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 markets regulator to make required representations.

SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> is the only startup guy to be in the top 50 of the list. </li><li>Hurun Report India and IIFL Wealth Management have released the 8th edition of IIFL Wealth Hurun India Rich List 2019. </li><li>He is joined by others like Byju Raveendran, Sachin Bansal, Nithin Kamath, Binny Bansal in the list.</li></ul>Hurun Report India and IIFL Wealth Management have released the 8th edition of IIFL Wealth Hurun India Rich List 2019. While the obvious Mr Ambani tops the list, Paytm founder Vijay Shekhar Sharma is the only startup guy to be in the top 50 of the list. Sharma has a net wealth of ₹20,400 crores, according to the report. Sharma holds rank 41 in the list which has 953 entrants. He even ranks higher than Sunil Mittal of Airtel, Kiran Mazumdar Shaw of Biocon and Anand Mahindra of Mahindra Group. The billionaire entrepreneur is joined by others like Byju Raveendran, Sachin Bansal, Nithin Kamath, Binny Bansal in the list. Average wealth of the list is around ₹5,300 crores and the average age is 60 In 2017, Sharma was ranked as India’s youngest billionaire by Forbes. Paytm is the leading digital payments company in India. The parent company One97 communications houses 2 unicorns Paytm and Paytm Mall. The third subsidiary Paytm Money is also in its way to become a unicorn.

Paytm’s Vijay Shekhar Sharma is wealthier than Sunil Mittal, Kiran Mazumdar Shaw, Anand Mahindra and several others

<keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>’s parent company <keyword id="4546857" type="UNKNOWN" weightage="20" keywordseo="one97communications-limited">One97Communications Limited</keyword> just received $1.4 billion funding from Japan’s leading Internet and telecom major <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>. This is the largest round from a single investor in India. Paytm said the investment will help it grow its leadership in the online payment system. “It will also complement our plan to invest Rs 10,000 Cr (approx $1.6 Bn) over the next three to five years towards our commitment to enable half a billion Indians to join the mainstream economy,” Paytm stated in a blog. Paytm said it will continue to innovate and expand into new online and offline use-cases. Meanwhile, <keyword id="3236791" type="UNKNOWN" weightage="20" keywordseo="Paytm-payments-bank">Paytm Payments Bank</keyword> is also becoming operational from next week and will be headed by CEO Renu Satti. Meanwhile, Paytm founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.

Paytm gets $1.4 billion funding from SoftBank; largest round from a single investor in India

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>’s revenue rose to ₹3,579.67 crores from ₹3,309.61 crores last year. </li><li>However its expenditure also grew to hit ₹7,730.41 crores. </li><li>Paytm, which was a sponsor for the ICC cricket world cup, had also recently won the bid for BCCI matches for ₹326.80 crores. </li></ul>One97 communications which owns Paytm has posted losses to the tune of ₹4,217 crore, according to <a href="https://www.livemint.com/companies/start-ups/paytm-s-losses-almost-triple-to-4-217-cr-in-fy19-as-expenses-rise-1568051301932.html">reports</a>. While Paytm’s revenues rose to ₹3,579 crore from ₹3,309 crores last year, its losses widened because of its growing expenses which hit ₹7,730.41 crore. A <a href="https://www.livemint.com/companies/start-ups/paytm-s-losses-almost-triple-to-4-217-cr-in-fy19-as-expenses-rise-1568051301932.html">Mint</a> report quoted Paytm from its annual report where it said it “has incurred huge capital expenditure in creating a brand and establishing its business activity. We have incurred a considerable amount in various capital and operational expenditures which resulted into losses during the financial year.” In its bid for branding, Paytm has definitely gone a step ahead. It bagged the title sponsorship for BCCI’s international and domestic matches for which the winning bid was at a price of ₹326.80 crores to be paid for 2019-23 home season. Paytm was also one of the sponsors for the ICC Cricket World Cup. Meanwhile, One97 Communications is also in talks to acquire Rana Kapoor’s stake in Yes Bank according to <a href="https://timesofindia.indiatimes.com/business/india-business/paytm-owner-one97-in-talks-to-pick-up-stake-in-yes-bank/articleshow/71056608.cms">reports</a>. Paytm along with its subsidiaries Paytm Mall and Paytm Money, have all been striving for profitability. <a href="https://www.livemint.com/companies/news/paytm-to-start-planning-ipo-in-22-24-months-says-ceo-vijay-shekhar-sharma-1567756975624.html">Paytm </a>founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> had also mentioned that the company will start preparing for an initial public offer, saying that an IPO is ‘inevitable’.

Paytm posts a massive ₹4,217 crore loss as it continues to spend on branding

New Delhi, Jul 6 () Paytm, owned by One 97 Communications Ltd, along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE, a company statement said. "Raheja QBE is owned 51 per cent by Prism Johnson and 49 per cent by QBE Australia. Paytm is set to acquire both stakes and would own 100 per cent of the company," Paytm said in a statement. The company, however, did not disclose the financial details of the transactions. The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI), the statement added. Meanwhile, Prism Johnson Ltd, formerly Prism Cement Ltd, in a separate statement said its board has approved selling its entire 51 per cent stake in its general insurance joint venture Raheja QBE General Insurance Company Ltd (RQBE) to Paytm and Vijay Shekhar Sharma for about Rs 290 crore. In a regulatory filing Prism Johnson said its board has approved divestment of 51 per cent of the paid-up equity share capital in RQBE, a material subsidiary, to QORQL Pvt Ltd for an aggregate consideration of Rs 289.68 crore. QORQL Pvt Ltd, is a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. "It is an important milestone in Paytm's financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. "Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products," said Amit Nayyar, President at Paytm. Commenting on the development, QBE Australia Pacific Chief Executive Officer, Vivek Bhatia said, "today's announcement marks both a continuation of QBE's strategy to simplify our business and the beginning of a new &amp; exciting chapter for our strong team at Raheja QBE." Prism Johnson said the consideration to be received by the company for the divestment is subject to certain adjustments which may be carried out between the date of execution of definitive agreement and closure of the sale, and other customary terms for a sale of such nature. The divestment will result in the termination of the company's joint-venture with Australia's QBE in the general insurance business in India. Post the Divestment, RQBE will also cease to be a subsidiary of the company," Prism Johnson added. Raheja QBE which started operations in 2009, is a joint venture between Prism Johnson Ltd and QBE Insurance Group, one of Australia's largest insurers. SVK SR DRR DRR

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SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

PTI

Paytm’s Vijay Shekhar Sharma is wealthier than Sunil Mittal, Kiran Mazumdar Shaw, Anand Mahindra and several others

Sanchita Dash

Paytm gets $1.4 billion funding from SoftBank; largest round from a single investor in India

BI India Bureau

Paytm posts a massive ₹4,217 crore loss as it continues to spend on branding

Sanchita Dash

Paytm, Vijay Shekhar Sharma to acquire Raheja QBE General Insurance

PTI

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