SEBI orders refunds after Growpital collected ₹192.88cr through unregistered channels
Business
SEBI just made a big move. If you invested in Growpital, you're getting your money back.
After finding out that Growpital collected ₹192.88 crore from 5,208 investors through unregistered channels (which isn't allowed), SEBI stepped in to protect investors.
SEBI says refunds include 12% interest
Investors will get their refunds with 12% annual interest, starting from January 29, 2024.
The first round of refunds will come straight from Growpital's escrow account and Cashfree Payments India, but first, Sebi will double-check everyone's details before sending it directly to your bank.
Plus, Rituraj Sharma, Krishnna Joshi, Gayatri Rinwa, Yotta Agro Venture, Farm Silo Tech LLP and the three ZF Project LLPs are banned from the markets for five years to keep things fair going forward.