Sebi orders Growpital to shut down

MUMBAI: Markets regulator Sebi has ordered Growpital Platform, an unauthorised collective investment scheme (CIS) that had mobilised about Rs 192 crore to invest in agricultural farms for tax-free returns to investors, to wind up and return investors’ money along with 12% interest. Twenty eight entities associated with Growpital have together been fined Rs 26.1 crore, while two entities have settled the case with Sebi after paying Rs 40.6 lakh. On Jan 29, 2024, Sebi had passed an interim order in this case, directing the noticees to desist from floating any CIS. A confirmatory order was passed on April 26, 2024. Since then, Sebi completed the investigation and issued show cause notices to 30 entities.