Sebi notice to PB Fintech’s Yashish Dahiya over $2 million Dubai investment
Story continues below Advertisement
Market regulator Sebi has issued a Show Cause Notice to Yashish Dahiya, Chairperson and CEO of PB Fintech over a Dubai investment made in 2022, a regulatory filing by the company said on June 6.
The Show Cause Notice relates to a $2 million investment in a Dubai-based marketing company – YKNP Marketing Management – through PB Fintech’s arm PB Fintech FZ-LLC, Dubai. The company had bought stake worth 26.72% in November 2022 which was ‘not considered’ Unpublished Price Sensitive Information (UPSI) as the value of the transaction was ‘non material’. PB Fintech said it is considering legal advice to take appropriate steps in due course of time.
Story continues below Advertisement
The stake purchase was to get access to UAE banking and sales team to cater to Arabic customers. Earlier in August 2022, PB Fintech had disclosed an investment of $4 million to acquire stake in YKNP Management.
PB Fintech also stated that the notice will have no material impact on the financials, operations or other activities of the company.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!