Sebi directs 4 entities to cease and desist from offering unlisted debentures
Tap Invest, altGraaf, and Stable Investments were the three unregistered online platforms to facilitate the sale of privately placed NCDs.
In its interim order, Sebi found the noticees (AI Growth, Texterity, Purple Petal Invest and Berkelium Technologies) are prima facie found to be operating platforms which are facilitating the public issue of NCDs which have been privately placed by the issuers in violation of the Companies Act, 2013, PFUTP regulations and the NCS (Issue and Listing of Non-Convertible Securities) rules.
Sebi noted that these Unregistered Online Platforms (UOPs) have flagrantly violated the regulatory demarcation by making available privately placed unlisted NCDs for public sale.
The regulator observed that from the disclosures made on the altGraaf website the platform, to date, has onboarded 75 companies, and a total amount of more than Rs 4,400 crore has been raised through the platform as of November 18, 2024.
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