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SEBI probes PB Fintech, the parent company of PolicyBazaar, for an undisclosed $2 million investment in a Dubai firm. A show cause notice was issued to the CEO Yashish Dahiya. Legal advice is sought regarding the show cause notice.
Securities and Exchange Board of India (SEBI) investigates PB Fintech for failing to disclose a $2 million investment in a Dubai-based company. A show cause notice has been issued to the CEO Yashish Dahiya.
Explore : Pb Fintech Limited Share Price
PB Fintech, the parent company of PolicyBazaar, invested $2 million for a 26.72% stake in YKNP Marketing Management. The company asserts that the investment was not considered Unpublished Price Sensitive Information (UPSI) due to its non-material value.
PB Fintech reassures stakeholders that the investigation will not significantly affect financials or operations. Legal advice is sought regarding the show cause notice.
PB Fintech reported a net profit of ₹60.19 crore for Q4 FY24 and a significant improvement in annual profit to ₹64 crore. The consolidated revenue reached ₹1,089.57 crore, a 25.36% increase from the previous year.
Total insurance premium for the quarter was ₹5,127 crore, showcasing robust growth in health and life insurance businesses. Online insurance premiums witnessed a remarkable 47% YoY growth.
PB Fintech's cash position strengthened to ₹5,263 crore, with core online revenue soaring by 39% YoY to Rs 2,375 crore. The company's performance indicates sustained growth and financial stability despite regulatory scrutiny.
SEBI's investigation into PB Fintech's investment practices highlights the importance of transparency in financial disclosures. However, PB Fintech continues to demonstrate strong financial performance and growth prospects in the insurance-tech sector.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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