Latest News | Groww Invest Pays over Rs 34 Lakh to Settle Matter with Sebi

New Delhi, May 13 (PTI) Groww Invest Tech on Tuesday settled with markets watchdog Sebi a matter related to alleged failure to handle a technical glitch in January 2024 by paying Rs 34.12 lakh.

The order came after the broking company filed an application with Sebi proposing to settle the alleged violations "without admitting or denying the findings of facts and conclusions of law" through a settlement order.

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In its order, the regulator said that Groww Invest, formerly known as Nextbillion Technology, paid the settlement amount of Rs 34.12 lakh and therefore, "in view of the acceptance of the settlement terms and the receipt of settlement amount...by Sebi, the instant adjudication proceedings initiated against applicant vide SCN (show cause notice) dated October 11, 2024 is disposed of".

The case emanated from a technical glitch that Groww's platform faced on January 23, 2024.

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Sebi, in its show cause notice, alleged that Groww Invest, being a stockbroker, did not publish data or serve key values to the exchange on LAMA (a logging and monitoring mechanism) on January 23, 2024.

Also, the applicant did not allegedly have telephone lines, trading terminals, or employees for attending trading calls of clients, required during technical glitches, thus resulting in complete denial of service to all clients during the glitch period; and the applicant's VAPT process was ineffective, Sebi said in its notice.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against Groww Invest for the alleged violation of provisions of regulatory norms.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)