Abstract:
The 2021 Initial Public Offering (IPO) of Paytm, India’s leading digital payments platform, sparked public outcry due to its inflated valuation and subsequent share price crash. This paper delves into this multi-faceted controversy, examining the interplay between exaggerated valuations, regulatory shortcomings, and the resulting losses incurred by retail investors due to regulatory and supervision issues in which RBI hammered Paytm Payments Bank.
The key areas of exploration will be unveiling the exaggerated valuation and deconstructing the factors contributing to Paytm’s pre-IPO valuation, including financial metrics, industry comparisons, and investor expectation, evaluating SEBI’s role in assessing the effectiveness of existing SEBI regulations in curbing inflated valuations, highlighting potential loopholes exploited in the Paytm case. Also, the retail investor betrayal in which analyzing the impact of the price drop on retail investors, including loss of trust, financial hardship, and potential legal challenges. The recent controversies of Paytm Payment Bank which examine the ongoing controversies surrounding Paytm’s corporate governance, accounting practices, and regulatory investigations. Proposing concrete reforms to strengthen SEBI regulations, enhance due diligence processes, and improve investor education to prevent similar occurrences in the future. The paper aims to offer a comprehensive analysis of the Paytm IPO as a case study of exaggerated valuations, regulatory gaps, and their consequences, identify critical shortcomings in SEBI’s regulatory framework and advocate for necessary reforms to protect investor interests, foster informed discourse on improving transparency, accountability, and corporate governance in the Indian IPO market, analyze the recent controversies surrounding Paytm and their potential impact on future investor confidence.
I. Introduction
In 2023, India proved to be a brighter spot in the IPO space while other jurisdictions continued to remain relatively subdue due to various global political and economic developments, including conflicts. The increased deal activity in India could be attributed to stability in government policies increased participation by domestic investors, particularly from retail investors and deals being reasonable priced.
One of the top fintech firms in India, One8 Communication, hereinafter referred to as, Paytm, wowed the market in 2021 with its initial public offering (IPO), promising to transform financial services and digital payments. But what followed was a show that made people take notice and confused a lot of investors. It was touted as a historic event in India’s financial markets, the Paytm IPO swiftly descended into a scandal involving regulatory errors, overvaluation, and a decline in the confidence of regular investors.
What were the specifics of the Paytm case, with the goal of analyzing the fundamental causes of its overpriced initial public offering (IPO), the shortcomings in regulatory supervision, and the consequent impact on the trust of individual investors? We want to disentangle the complexity surrounding one of the most talked-about initial public offerings (IPOs) in recent times by examining the several facets of this event when the RBI on 31st of January 2024 banned the Paytm Payments Bank over the corporate governance and other regulatory issues.
This research is relevant and timely given the enormous effects of the Paytm IPO fiasco on India’s financial system. It is crucial to examine the underlying causes of this disaster and look into potential solutions as investors deal with the fallout from significant losses and regulatory bodies are questioned about their supervision practices in recent times due to corporate governance issues. Our goal is to bring attention to the disparities that exist between market perceptions and actual conditions, the difficulties regulatory agencies encounter in maintaining market integrity, and the effects of investor pessimism on the prospects of India’s capital markets. In order to help policymakers, regulators, market participants, and investors navigate the complexity of the initial public offering (IPO) landscape and rebuild investor confidence in India’s financial markets, my aim to critically analyze the Paytm’s and others IPOs in which the companies have taken the undue advantage of bullish market condition.
II. Rise of Fintech and background of Paytm IPO
India is one of the biggest fintech markets with the fastest global growth rates. There are presently more than 2,000 fintech start-ups in India, according to the Department for Promotion of Industry and Internal Trade (DPIIT). India’s digital payments business, which is predicted to more than quadruple from $3 trillion to $10 trillion by 2026, is at a turning point due to this rapidly rising quantity.[1]
Due to this extraordinary expansion, non-cash digital payments will account for about 65% of all payments by 2026. The fintech business in India is expected to reach a market size of $150 billion by 2025, up from $50 billion in 2021. In Q3, 2022, India recorded over 23 billion digital payments, valued at Rs. 38.3 lakh crore and 358 banks were using India’s Unified Payments Interface (UPI) as of September 2022, and the system has recorded 6.8 billion transactions totaling more than $135 billion.[2]
India has taken center stage in the global fintech scene in recent years, drawing in investors from all around the globe. Driven by a thriving economy and a youthful, tech-savvy populace, the nation provides an ideal environment for fintech businesses to thrive. A number of factors have contributed to India’s fintech landscape’s explosive growth, most notably the government’s push for a cashless economy, which has accelerated the adoption of digital payment systems and increased demand for fintech solutions.
The COVID was blessing in disguise for the fintech companies where the digital payment becomes necessary for the people and towards the end of 2021, a fintech company Paytm (Pay through Mobile) comes up with their IPO with higher valuations of price band of Rs. 2080-2150 with a lot size of 6 shares in retail category aggregating issue size of Rs. 18,300 crores[3] making remarkable history with highest issue size. Due to the bullish market conditions and the bubble which fintech companies has created, have been successful in receiving highly over-subscription of their IPO.
Regrettably, it was seen that the value of these stock listings quickly diminished. For example, the One 97 Communications Paytm Ltd. initial public offering (IPO) was priced between Rs. 2080 to Rs. 2150 a share, but as of right now, it is trading at Rs. 407.75.[4] This suggests that there has been a roughly 81% decline in the security’s value. It appears that this has caused the investors who bought the initial public offerings to suffer significant losses. This offering made by these cutting-edge, technologically advanced business is frequently criticized for having overvalued their stock when they listed it. Paytm chose to launch an initial public offering (IPO) at a valuation of almost 26 times the expected price to sales ratio computed for the financial year 2023 despite reporting a net loss of Rs. 2942 for the fiscal year 2019 to 2021.[5]
III. Regulatory Framework for IPOs in India: Role of SEBI
SEBI plays a key role in regulating Indian IPOs, particularly regarding fair valuations. They establish the regulatory framework through the ICDR Regulations and scrutinize offer documents for compliance and investor protection. While not directly setting valuations, SEBI promotes transparency by mandating comprehensive disclosures and can raise concerns if unrealistic valuations are suspected. Independent valuers using a combination of methods like DCF and market multiples determine the final IPO valuation. Recent concerns over high valuations in certain sectors have prompted SEBI to consider stricter regulations, highlighting their commitment to a fair and evolving IPO framework in India.
Without a question, 2023 was one of the finest years for the primary markets in India. The year ended December 31, 2023, saw 243 businesses listed on Indian stock markets, the largest number in at least six years. But in 2023, the total transaction value of the initial public offerings (IPOs) dropped by almost 9% to $7.10 billion, primarily due to the lack of high-profile listings like Life Insurance Corp. of India, which helped the Indian government raise over 205 billion Indian rupees in 2022 alone.[6] The country’s youthful population, strong economic growth, and government emphasis on digitization are all factors contributing to the anticipated rise. So, it becomes important for the SEBI to keep the check on companies going to be listed and follows the rules and regulations made by them.
The main regulatory framework is there in shareholding of anchor investors and promoters because of the large volume that they have with them, and in the case of After a 30-day lock-in period, only 50% of the investments made by anchor investors may be sold. Anchor investors will have to wait 90 days in order to sell the remaining 50 %. Prior to their IPOs, a number of companies were busy assigning stock to anchor investors. The primary reason for doing this was to increase IPO volume. Investors may be able to leave after the 30-day lock-in period with the IPO’s bull run behind them.[7] This resulted in a sharp decline in share value for normal investors following the IPO listing. this concept is over now. The new investor is obviously favored in SEBI’s requirements for an IPO. Many companies who were going to go public before the new SEBI guidelines were released did so because the IPO provided an opportunity for present shareholders and promoters to sell their shares.
For venture investors who desired to be outside of the corporate system, this was particularly true. These companies launched their initial public offerings (IPOs) for purposes other than genuinely generating money for operations. As a result, some original investors made out better money than IPO retail investors. According to the new regulation, existing shareholders who own more than 20% of the company’s equity are prohibited from selling more than 50% of their holdings. It is not allowed for those with less than 20% to sell more than 10% of the total shares also followed up by Lock-in period of 6 months.[8] So, this becomes very important concept for the retail investors to ensure that there is transparency and interest of the promoters too in the company not just raising capital for their own benefit.
SEBI regulations primarily control companies’ access to the Indian capital markets. The main regulatory framework is the SEBI’s Issue of Capital and Disclosure Requirements Regulations (ICDR), 2018, hereinafter referred as, ICDR regulation, Listing Obligation and Disclosure Requirement regulation hereinafter referred as, LODR regulation even though companies looking to raise capital are also subject to the Companies Act, Foreign Exchange Management Act, and Securities Contracts (Regulation) Act.[9] These rules, which apply to both listed and upcoming companies, control the following in which the first is rights issues, which are essentially offers to a company’s current shareholders and second is public issues, which include initial public offerings and further public offerings; and third is private placements, which are issuances to specific investors, including qualified institutional buyers.
In compliance with the ICDR Regulations and the SEBI (Framework for Rejection of Draft Offer Documents) Order 2012, SEBI may also reject the draft offer document for a number of reasons, including the first one is that the ultimate promoters cannot be identified; the second one is funds are being raised for an unclear purpose; third is issuer’s business model is overstated, intricate, or deceptive, making it difficult for investors to evaluate the risks involved; fourth is that there has been a sharp increase in business before the draft offer document was filed, and the responses to the requested clarification have not been satisfactory; or there is a pending legal dispute of such importance that the issuer’s continued existence depends on how the case is resolved.
Despite of all these conditions put forward by the SEBI they were failed to identify the overvalued valuations done by the investment banker which wiped out the 38,000 Crores of market value after listing of the share on stock market reduced by 27% share price[10] after which retail investors lost the trust. Not just this SEBI have not taken the consideration of their losses which occurred prior to the listing, according to Economic Times the company has net loss of Rs. 1596 Crores just year before listing day.[11]
IV. Loopholes Exploited in the Paytm IPO Case
Several loopholes that might have taken advantage of in the Paytm IPO case, we will discuss that which went against SEBI rules and regulations. The first one was Inadequate Disclosure of Financial Information provided under Regulation 32 of SEBI (Listing Obligation and Disclosure Requirements), 2015 mandates that, contrary to what is stated in the offer document or the explanatory statement to the notice calling the general meeting, as applicable, each Listed Entity must submit a Statement of Deviation or Variation on a quarterly basis regarding the use of proceeds raised from the public issue, rights issue, preferential issue, or qualified institutions placement which may have failed to provide sufficient and accurate financial information in its offer documents, such as financial statements, business operations, and risk factors.
The Paytm have not taken care of this provision which leads to the violation of SEBI (LODR) regulation. Inadequate disclosure could mislead investors and undermine transparency in which Paytm might have included misleading statements or omitted material information in its offer documents, violating SEBI regulations that mandate full and fair disclosure. Misrepresentations or omissions could distort investors’ perception of the company’s financial position and prospects which violated the Regulation 7 of SEBI (ICDR) Regulations, 2018. Paytm may have deviated from SEBI’s pricing guidelines for IPOs, either by setting an unjustified offer price or by failing to justify the valuation adequately.[12] Non-compliance with pricing regulations could compromise the integrity and fairness of the IPO process which violates the Regulation 164 of SEBI (ICDR) regulation, 2018.
Another shortcoming was Corporate Governance Deficiencies in Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in which Paytm’s corporate governance practices may have fallen short of SEBI’s standards, such as inadequate board oversight, related-party transactions, or non-compliance with governance norms. Failure to adhere to governance regulations could erode investor confidence and the rationale was that if a listed entity does not have a regular non-executive chairperson, at least half of the board of directors must be made up of independent directors which was not adhered by the Paytm.[13]
Also, Paytm have violated the Regulation 3 of SEBI (Prohibition of Insider Trading) Regulations, 2015 in which Paytm may have selectively disclosed material information to certain investors or insiders, violating SEBI regulations prohibiting insider trading and unfair access to information. Selective disclosure could disadvantage other investors and undermine market integrity.
V. Inflated Valuations and Investor Backlash
The Indian stock market was shaken by the sharp swings in Paytm’s share price after its Initial Public Offering (IPO) in 2021, which highlighted the dangers of overvaluations. Prior to the IPO, Paytm was extensively advertised, positioning it as a leader in India’s rapidly growing digital payments industry. The company’s high-profile prominence and this aggressive promotion helped to drive up the valuation, which many industry observers felt was excessive.
A well-known IT company’s IPO attracted a lot of attention, as many investors saw it as a chance to make investments in a sector that was expanding.[14] The susceptibility of such exaggerated valuations was revealed by the rapid decline in share price following the IPO, though, and individual investors suffered significant losses as a result. In addition to harming investor portfolios, this sudden drop distorted the Indian IPO market as a whole.
Retail investors suffered significantly from the share price drop because they were frequently less knowledgeable about the intricacies of stock market valuations. Due to the hype around Paytm’s initial public offering (IPO), many people made investments without fully realizing the risks involved. Many people experienced severe financial hardship as a result of the share price collapse, which also raised concerns about the company’s actual financial stability.
This incident also brought to light any possible regulatory holes in the IPO supervision system. Before permitting Paytm to go public, the Securities and Exchange Board of India (SEBI) came under fire for not conducting a more thorough examination of the company’s valuation.[15] Some who opposed the company’s inflated valuation and subsequent crash contended that a more thorough analysis of the company’s financials and growth prospects may have avoided the situation.
The larger market was also affected by the decline in investor confidence, not just Paytm. Due to the IPO’s underwhelming performance, investors became skeptical of the legitimacy of other well-known IPOs, which may have affected their enthusiasm for subsequent public offerings. A review of SEBI’s regulatory structure was necessary in response to this erosion of trust, with a focus on more transparency, due diligence, and investor education.
Proposed regulatory measures aim to improve investor protection and enforce stricter valuation criteria in reaction to the fallout from Paytm’s first public offering. By enforcing stronger compliance rules and giving investors clearer information about the dangers involved, these reforms sought to restore confidence in the initial public offering (IPO) market.[16] Restoring trust in the Indian stock market and making sure that IPOs in the future are carried out with more accountability and openness depend on addressing these problems. The Paytm IPO crisis brought to light the intricate issues related to exaggerated valuations, regulatory supervision, and investor trust. It emphasized the necessity of a thorough strategy to deal with these problems, one that includes tighter rules, better due diligence procedures, and better investor education to prevent future occurrences of the same kind.
VI. Controversies Surrounding Paytm Payment Bank: Corporate Governance and Regulatory Investigations;
Understanding the larger problems afflicting Paytm Payments Bank following its 2021 Initial Public Offering (IPO) requires an awareness of the debate surrounding the company as a whole. The case presents a variety of challenges, including regulatory oversight, corporate governance, and business practices. These issues have the potential to erode investor confidence and harm Paytm’s standing in the market.
- REGULATORY INVESTIGATION
Regulators involving the Reserve Bank of India (RBI) scrutinized Paytm Payments Bank and asked the bank to halt accepting new clients for a while since it wasn’t following certain guidelines. An extensive audit of the bank’s IT systems was also ordered by the RBI. The RBI took this action in response to claims of data-sharing activities that went outside legal requirements and raised security issues. A company’s reputation may be severely damaged by this degree of governmental interference, which could erode investor trust and cause the stock market to decline in value.[17] Additionally, it highlights fundamental problems with the bank’s operational openness and corporate governance. One of the biggest names in India’s digital payments market, Paytm Payment Bank, has been involved in regulatory probes and corporate governance issues.
Vijay Shekhar Sharma, the founder, has a sizable ownership share in the parent firm, which raises questions about potential conflicts of interest. Furthermore, claims of connected firms receiving preferential treatment in transactions cast doubt on fairness and openness. In addition, the bank’s board composition has come under fire for not having enough diverse participation, which might make effective oversight more difficult. Regulatory agencies have taken notice of these worries. The year 2020 saw an investigation by the Reserve Bank of India (RBI) into Paytm’s customer onboarding procedures due to possible violations of Know Your Customer (KYC) regulations.[18] The same year, Paytm was the target of a money laundering investigation by India’s financial investigative body, the Enforcement Directorate (ED).
The RBI inquiry ended in 2021 without any findings or fines being made public, despite Paytm’s continued denials of guilt and cooperation. The ED is still looking into this. Paytm’s reputation has been damaged by these incidents, which has alarmed investors and users.[19] The business has strengthened its corporate governance structure and partnered with regulatory bodies in an effort to address these problems. It is unclear, though, how these scandals would affect Paytm in the long run.
- CORPORATE GOVERNANCE ISSUES
The corporate governance concerns of Paytm, namely concerning its Payments Bank segment, have resulted in extensive consequences, casting doubt on the organization’s dedication to adhering to regulations, maintaining openness, and engaging in moral business conduct. Concerns of conflicts of interest were raised by the leadership of Paytm Payments Bank’s close ties to the larger Paytm organization, which made it difficult to distinguish between distinct corporate entities.[20] Possible governance flaws were revealed by the regulatory action taken by the Reserve Bank of India (RBI) against Paytm Payments Bank, which included limitations on onboarding new clients and a comprehensive audit of its IT infrastructure.
These events not only precipitated a precipitous drop in investor confidence but also raised more general concerns over the company’s responsibility and ethics. Paytm’s corporate governance problems brought to light the necessity for a stronger governance framework that prioritizes board independence, decision-making openness, and strict regulatory compliance.[21] As a result, Paytm’s reputation has suffered, which emphasizes how crucial it is to address these governance issues in order to win back the trust of stakeholders and investors.
- IMPACT ON INVESTOR CONFIDENCE
Following Paytm’s 2021 Initial Public Offering (IPO), the company had a substantial negative influence on investor confidence that went well beyond its short-term financial results. Given Paytm’s position as the top digital payment’s platform in India, there was a great deal of expectation for the IPO.[22] However, there was a noticeable reduction in investor trust as a result of the IPO’s quick share price decline and ongoing governance and regulatory issues.
The belief that valuations were inflated was one of the main causes of the decline in investor confidence. Although Paytm’s IPO was among the biggest in Indian history, the company’s performance after the sale soon showed that the valuation may have been exaggerated. There were concerns regarding the company’s fundamental financial health and future prospects following the IPO due to the steep decrease in share price. Both retail and institutional investors who had placed their faith in Paytm’s well-publicized IPO were impacted by this fall. Concerns regarding Paytm Payments Bank’s governance and compliance procedures were made worse by the issues surrounding the firm.[23] The Reserve Bank of India (RBI)’s regulatory examination, in particular the limitations placed on Paytm Payments Bank’s ability to onboard new clients, suggested that the business may not have complied with legal requirements. When combined with well-publicized governance concerns, this type of regulatory action can erode investor trust by implying that the business is not well-run internally and has lax compliance standards.
The views of corporate governance and transparency have a significant impact on investor trust. There have been concerns regarding Paytm Payments Bank, including claims of data-sharing violations and a lack of distinction between corporate entities within the Paytm group, which have raised questions about the suitability of the company’s governance structure. Investors became uneasy as a result of this view, believing that similar governance failures would have an impact on the company’s performance in the future. Broader concerns over the company’s general business strategy and capacity to uphold regulatory compliance surfaced as word of these problems spread. The consequent unease among investors had a domino effect, affecting not only the value of Paytm’s shares but also casting doubt on the intentions of other Indian firms gearing up for initial public offerings.[24] The drop in investor trust highlights the vital significance of strong corporate governance, clear business procedures, and strict adherence to regulatory policies.
Paytm had to take aggressive measures to resolve these governance and regulatory concerns in order to win back investor trust. This required forging a culture of accountability and compliance, strengthening internal controls, and exhibiting a dedication to openness.[25] Since investor confidence is a brittle but crucial element of corporate success, organizations must make sure that their governance processes are in line with investor expectations and regulatory requirements. This was made clear by Paytm’s IPO experience.
VII. Proposing Reforms and Strengthening Regulation
Proposing changes and strengthening regulations is essential to restoring investor confidence and promoting transparency in capital markets, especially in light of the difficulties surrounding Paytm’s Initial Public Offering (IPO) and the ensuing governance and regulatory challenges. The sixth point talks about the requirement for an all-encompassing framework that takes care of the fundamental problems and keeps situations like this one from happening again.[26]
First off, regulatory agencies such as the Securities and Exchange Board of India (SEBI) are essential in monitoring and controlling the capital markets and making sure businesses follow the law and moral principles. Substantial oversight gaps in SEBI regulations were brought to light by the Paytm IPO case, notably with regard to governance procedures, disclosure laws, and valuation procedures.[27] Reforms aimed at strengthening SEBI’s position should prioritize improving the organization’s ability to keep a closer eye on firms, especially in the run-up to big public offerings.
Examination the valuation of a company
Examining company valuations before initial public offerings (IPOs) is one area that need reform. The inflated IPO valuation of Paytm and the subsequent steep share price decrease raise concerns about the underwriters’ and regulators’ due diligence procedures. Stricter rules, including a detailed analysis of financial statements, cash flows, and revenue projections, should be put in place by SEBI for evaluating a company’s financial standing and prospects. This would ensure that investors have accurate information when making investment decisions and help reduce the risk of inflated prices.
Corporate governance rules are another important component of transformation. Strong governance frameworks are essential, as demonstrated by the problems that Paytm Payments Bank is facing, which include regulatory oversight from the Reserve Bank of India (RBI) and worries about conflicts of interest. Companies should be required by SEBI to follow a transparent governance system that prioritizes board independence, strong internal controls, and open decision-making procedures.[28] To give sufficient oversight and avoid conflicts of interest, it is vital to guarantee that boards are composed of a blend of executive and independent directors.
To improve transparency, the reporting and disclosure requirements for businesses going through initial public offerings (IPOs) should also be reinforced. Any potential related-party transactions, governance issues, and regulatory issues that can undermine investor trust should be disclosed by companies. In order to guarantee that these conditions are met, SEBI can establish a more stringent review procedure, which will lessen the possibility of further disputes.
Important elements of the suggested improvements also include investor awareness and education. To educate retail investors on the risks involved with initial public offerings (IPOs) and the capital markets, SEBI can create educational materials and activities.[29] SEBI can enable investors to make well-informed investment decisions by giving them a clearer picture of the financial landscape and any warning signs. The regulatory structure may be reinforced to prevent similar difficulties from arising in the future by strengthening investor education, strengthening corporate governance standards, increasing reporting and disclosure requirements, and enhancing SEBI’s power to oversee and regulate capital markets.[30] Regaining investor trust and maintaining an open and accountable capital market environment depend on these measures.
VIII. Conclusion
To ensure the effective regulation of initial public offers (IPOs) in the Indian market, reforms are required to solve the serious flaws in the Securities and Exchange Board of India’s (SEBI) regulatory framework. To stop events like the Paytm IPO scandal, stronger rules must be implemented while also promoting increased accountability, transparency, and corporate governance. Possible flaws in conflict of interest, exaggerated appraisals, and due diligence procedures were brought to light by this episode. In order to regain the trust of investors, SEBI has to boost investor education regarding the risks involved with initial public offerings (IPOs), enforce greater compliance with corporate governance norms, and improve reporting and disclosure requirements. Further closing regulatory loopholes and fostering a more favorable investment climate will be achieved by implementing stricter oversight to guarantee that businesses follow these enhanced standards. The ultimate objective is to protect institutional and retail investors’ interests and rebuild public confidence in the IPO market while promoting a sound and long-lasting financial system.
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[3] “Paytm IPO Date, Price, GMP, Review, Analysis & Details” (October 27, 2021) https://www.chittorgarh.com/ipo/paytm-ipo/1128/ accessed 20 March 2024
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[8] Eeles M, “What Is The Meaning of A Lock-up Period?” (May 28, 2023) https://www.linkedin.com/pulse/what-meaning-lock-up-period-martyn-eeles accessed 24 March 2024
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[11] Tnn, “Sebi Chief Justifies Indian Markets’ High Multiples” (The Times of India, April 3, 2024) https://timesofindia.indiatimes.com/business/india-business/sebi-chief-justifies-indian-markets-high-multiples/articleshow/108986063.cms accessed 30 March 2024
[12] Pandey M, “Paytm Crisis: Case under FEMA Initiated against Paytm Payments Bank” (Business Today, February 14, 2024) https://www.businesstoday.in/latest/corporate/story/paytm-crisis-case-under-fema-initiated-against-paytm-payments-bank-417445-2024-02-14 accessed 30 March 2024
[13] Poddar S, “Governance at Scale: Learning from Paytm’s Saga and Building Sustainable Startups” (The Economic Times, March 20, 2024) https://economictimes.indiatimes.com/markets/stocks/news/governance-at-scale-learning-from-paytms-saga-and-building-sustainable-startups/articleshow/108639648.cms accessed 31 March 2024
[14] Ibid 23.
[15] “Business News Today – Read Business News, India News, LIVE Share Market News Updates, Economy, Sensex, NIFTY News | CNBCTV18” (CNBCTV18, May 3, 2024) https://www.cnbctv18.com/market/paytm-share-price-investors-lose-rs-26000-crore-in-ten-days-as-stock-record-low-target-price-19047651 accessed 01 April 2024
[16] Sinha V, “Paytm Crisis: Fintech Firms Not above Regulation, Says Rajeev Chandrasekhar” (Hindustan Times, February 3, 2024) https://www.hindustantimes.com/business/paytm-crisis-updates-rajeev-chandrasekhar-payments-bank-vijay-shekhar-sharma-rbi-curbs-101706953360963.html accessed 03 April 2024
[17] “Are You a Paytm Payments Bank Customer? Check How RBI Action Impacts You” (Hindustan Times, January 31, 2024) https://www.hindustantimes.com/business/are-you-a-paytm-payments-bank-customer-check-how-rbi-action-impacts-you-101706706088362.html accessed 04 April 2024
[18] “Bloomberg – Are You a Robot?” (February 4, 2024) https://www.bloomberg.com/news/articles/2024-02-04/india-s-paytm-says-company-ceo-not-under-money-laundering-probe accessed 04 April 2024
[19] Online E, “Paytm Denies Reports of Being Investigated or Violation of Forex Rules by Co or Payments Bank” (The Economic Times, February 5, 2024) https://economictimes.indiatimes.com/industry/banking/finance/banking/paytm-denies-reports-of-investigation-or-violation-of-forex-rules-by-co-or-payments-bank/articleshow/107435350.cms accessed 05 April 2024
[20] Kumar V and Bfsi E, “RBI on Paytm Payments Bank: What Is Allowed, What Not?” (ETBFSI.com, February 16, 2024) https://bfsi.economictimes.indiatimes.com/news/policy/rbi-on-paytm-what-is-allowed-what-not/107758583 accessed 09 April 2024
[21] “RBI Takes Action against Paytm Payments Bank Ltd through Banking Regulations Act, Says Press Release” (BusinessLine, February 16, 2024) https://www.thehindubusinessline.com/money-and-banking/rbis-faq-as-to-why-it-took-action-against-paytm-payments-bank-invoking-the-banking-regulations-act/article67853541.ece accessed 10 April 2024
[22] “Paytm IPO Was India’s Largest-Ever—Then Its Shares Flopped” (Fortune, November 18, 2021) https://fortune.com/2021/11/18/paytm-ipo-share-falling-price-trading-debut-investors/ accessed 11 April 2024
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[24] Sudarshan, “Navigating the Storm: Paytm’s Journey Through Regulatory and Corporate Governance Challenges” (Stocx, February 2, 2024) https://www.sharescart.com/article/navigating-the-storm-paytms-journey-through-regulatory-and-corporate-governance-challenges accessed 15 April 2024
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