# SEBI notice to Paytm CEO, CFO over 2023 disclosure timing

2026-08-13T01:33:11+00:00 | Governance | Indian Opinion Desk

Corroboration: 3 independent outlets

India's market regulator SEBI has issued a show cause notice to Paytm's key management personnel, including CEO Vijay Shekhar Sharma and CFO Madhur Deora, over the timing of a December 2023 disclosure. The notice, dated August 11, questions why the company announced only on December 6 that it would scale back small-ticket personal loans under Rs 50,000 after the RBI tightened rules. SEBI is probing whether the disclosure was delayed and whether it should have been classified as unpublished price sensitive information under insider trading regulations. Paytm said it will respond within 14 days and sees no financial impact from the notice. The December 2023 announcement led to a 20 per cent drop in shares the next day. Notably, Paytm's stock had already fallen about 12 per cent in the eight days before the announcement, raising questions about possible information leakage.

## Coverage

- deccanherald.com <https://www.deccanherald.com/business/companies/paytm-management-gets-notice-over-timing-of-2023-disclosure-curbing-small-loans-4109301>
- inc42.com <https://inc42.com/buzz/sebi-issues-show-cause-notice-to-paytm-over-2023-disclosure/>
- timesnownews.com <https://www.timesnownews.com/business-economy/companies/paytm-management-gets-notice-over-timing-of-2023-disclosure-on-small-loan-curbs-article-155604136>

Tags: disclosure norms, insider trading, Paytm, SEBI, show-cause notice, Vijay Shekhar Sharma
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