{"id":121715,"date":"2024-08-26T13:28:29","date_gmt":"2024-08-26T13:28:29","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/26\/paytm-founder-vijay-shekhar-sharma-other-board-members-issued-notice-by-sebi-report-times-of-india\/"},"modified":"2024-08-26T13:28:29","modified_gmt":"2024-08-26T13:28:29","slug":"paytm-founder-vijay-shekhar-sharma-other-board-members-issued-notice-by-sebi-report-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/26\/paytm-founder-vijay-shekhar-sharma-other-board-members-issued-notice-by-sebi-report-times-of-india\/","title":{"rendered":"Paytm founder Vijay Shekhar Sharma, other board members issued notice by SEBI: Report &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i3.wp.com\/static.toiimg.com\/photo\/msid-112804427,imgsize-60460.cms?fit=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Paytm founder Vijay Shekhar Sharma, other board members issued notice by SEBI: Report &#8211; Times of India\" title=\"Paytm founder Vijay Shekhar Sharma, other board members issued notice by SEBI: Report &#8211; Times of India\" \/><\/div>\n<div>Sebi<!-- -->, India&#8217;s markets regulator has issued show-cause notices to <!-- -->Paytm<!-- --> founder <!-- -->Vijay Shekhar Sharma<!-- --> and other board members who held roles during the firm&#8217;s November 2021 IPO. According to a Reuters report quoting Moneycontrol, the notices allege misrepresentation of facts and non-compliance with shareholder classification norms. <br \/>Both Paytm and the Securities and Exchange Board of India (SEBI) did not respond to Reuters&#8217; requests for comment.Following the report, Paytm shares fell by up to 8.9%.<br \/>The issue centers around whether Sharma should have been classified as a large shareholder instead of an employee when Paytm filed its IPO papers. SEBI has questioned directors at the time for supporting Sharma&#8217;s view of not being a large shareholder. <br \/>The regulator is planning to change its rules to address concerns around founders and family members of tech or app-based startups owning shares under the employee stock ownership plan (ESOP).<br \/>Sharma&#8217;s alleged non-compliance allowed him to receive shares through ESOPs. However, SEBI is not in favour of founders owning stock options if they have rights similar to big shareholders, also called promoters. <br \/>A year before filing to go public in 2021, Sharma owned a 14.7% stake but reduced his shareholding to 9.1% by transferring 30.97 million shares to Axis Trustee Services, acting on behalf of the Sharma family trust in 2021. This made him eligible to receive shares under ESOP, as a shareholder with more than a 10% stake in any publicly-listed company is not eligible to receive stock options.<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 'paid' : 'free' ;\n                    var viwedVariant = window.isAbPrimeHP_B ? 'B' : 'A';\n                    w._sva.setVisitorTraits({\n                    toi_user_subscription_status : prime_user_status,\n                    toi_homepage_variant_status: viwedVariant\n                        });\n                }\n         if (w._sva && w._sva.setVisitorTraits) {\n                    setAttributes();\n                } else {\n                    w.addEventListener(\"SurvicateReady\", setAttributes);\n          }\n          var s = document.createElement('script');\n          s.src=\"https:\/\/survey.survicate.com\/workspaces\/0be6ae9845d14a7c8ff08a7a00bd9b21\/web_surveys.js\";\n          s.async = true;\n          var e = document.getElementsByTagName('script')[0];\n          e.parentNode.insertBefore(s, e);\n        })(window);\n      }\n    }\n    window.TimesApps = window.TimesApps || {};\n    var TimesApps = window.TimesApps;\n    TimesApps.toiPlusEvents = function(config) {\n      var isConfigAvailable = \"toiplus_site_settings\" in f && \"isFBCampaignActive\" in f.toiplus_site_settings && \"isGoogleCampaignActive\" in f.toiplus_site_settings;\n      var isPrimeUser = window.isPrime;\n      var isPrimeUserLayout = window.isPrimeUserLayout;\n      if (isConfigAvailable && !isPrimeUser) {\n        loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive);\n        loadFBEvents(f.toiplus_site_settings.isFBCampaignActive);\n        loadSurvicateJs(f.toiplus_site_settings.allowedSurvicateSections);\n      } else {\n          var JarvisUrl=\"https:\/\/jarvis.indiatimes.com\/v1\/feeds\/toi_plus\/site_settings\/643526e21443833f0c454615?db_env=published\";\n          window.getFromClient(JarvisUrl, function(config){\n            if (config) {\n              const allowedSectionSuricate = (isPrimeUserLayout) ? config?.allowedSurvicatePrimeSections : config?.allowedSurvicateSections\n              loadGtagEvents(config?.isGoogleCampaignActive);\n              loadFBEvents(config?.isFBCampaignActive);\n              loadSurvicateJs(allowedSectionSuricate);\n            }\n          })\n      }\n    };\n  })(\n    window,\n    document,\n    'script',\n  );<\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/paytm-founder-vijay-shekhar-sharma-other-board-members-issued-notice-by-sebi-report\/articleshow\/112804185.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sebi, India&#8217;s markets regulator has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and other board members who held roles during the firm&#8217;s November 2021 IPO. According to a Reuters report quoting Moneycontrol, the notices allege misrepresentation of facts and non-compliance with shareholder classification norms. Both Paytm and the Securities and Exchange Board of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":121716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-112804427,imgsize-60460.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[4782,289,5325,273,5599,18,7044,665,76961,42845,61,9136,351,38451,272,2149,36565],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/121715"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=121715"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/121715\/revisions"}],"predecessor-version":[{"id":121717,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/121715\/revisions\/121717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/121716"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=121715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=121715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=121715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}