A file photograph of M. Damodaran, former Chairman, Securities and Exchange Board of India (SEBI).
| Photo Credit: SOMASHEKARA GRN
An advisory committee, arrange by Paytm proprietor One97 Communications after the Reserve Bank of India’s motion on its funds financial institution enterprise, is at a stage of engagement with the corporate on issues associated to the terms of reference for the panel, the panel’s head and former SEBI chairman M. Damodaran stated.
“We have been engaging with the group on matters relating to the Advisory Committee’s terms of reference,” Mr. Damodaran stated on February 26 in response to a question about his engagement with Paytm. He stated that the panel members are exterior advisors and presently Paytm is engaged in dealing with the RBI.
Mr. Damodaran is the top of Paytm’s group advisory committee which is able to advise the corporate on strengthening compliance and on regulatory issues. The committee was arrange on February 9.
Also learn: Paytm Payments Bank meltdown, its that means | Explained
On January 31, the RBI requested PPBL (Paytm Payments Bank Ltd) to cease additional deposits, credit score transactions, or top-ups in any buyer accounts, pay as you go devices, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central financial institution prolonged the deadline until March 15.
Meanwhile, the Reserve Bankb on Feb, 23 requested the National Payments Corporation of India (NPCI) to look at the risk of migrating Paytm Payments Bank clients utilizing the UPI deal with ‘@paytm’ to 4-5 different banks, in a bid to stop any disruptions within the cost ecosystem.
Mr. Damodaran was talking on the launch of his biography ‘The Turmeric Latte’ compiled by one of his former colleagues. During a panel dialogue on the occasion, when he was requested about his views on the present functioning of SEBI, he stated the capital markets regulator has bandwidth issues with respect to the massive quantity of points that it has to deal with. “SEBI has a huge challenge. The bandwidth seems inadequate to tackle the large number of issues that they have to tackle. In the process, it sometimes feels like they are biting more than they can chew,” he stated.
