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new Delhi21 hours ago
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The RBI has imposed this penalty under section 30 of the Payment and Settlement Systems Act 2007.
- Sodexo fined Rs 2 crore maximum
- SEBI proceeding with 3 people on IPO fund diversion
The Reserve Bank of India (RBI) has imposed a fine of Rs 5.78 crore on 6 companies for violation of regulatory guidelines. The statement issued by the RBI said that this penalty has been imposed under section 30 of the Payment and Settlement Systems Act 2007.
Fines imposed on these companies
The companies that RBI has fined include Punjab National Bank (PNB) and 5 non-bank prepaid payment instrument issue (PPI) companies. The PPIs include Sodexo SVC India Private Limited, Muthoot Vehicle & Asset Finance Limited, QuickCliver Solutions Private Limited, Phone-Pay Private Limited, Delhi Metro Rail Corporation Limited.
Which company fined
According to the statement, Sodexo has been fined the maximum of Rs 2 crore. PNB and QuickClive Solutions have been fined Rs 1-1 crore. A penalty of Rs 1.39 crore has been imposed on phone-pay. Muthoot Vehicle and Asset Finance has been fined Rs 34.55 lakh. Delhi Metro Rail Corporation has been fined Rs 5 lakh.
SEBI Rs 45 lakh on 3 individual Fined
On the other hand, the Security and Exchange Board of India (SEBI) has imposed a fine of Rs 45 lakh on 3 individuals. Paramount Print Packaging Ltd (PPL) has been fined for mishandling IPO IPO and wrong disclosure. SEBI has imposed a fine of Rs 15 lakh each on Divyesh Ashwin Sukhadia, Dharmesh Ashwin Sukhadia and Anuj Vipin Sukhadia. The IPO was issued in April 2011 and the company’s shares were listed in May of the same year.