Sebi notice to PolicyBazaar over Dubai buy

MUMBAI: Markets regulator Sebi is investigating PB Fintech, the company that runs insurance-tech platform PolicyBazaar, for non-disclosure of a $2-million investment in a Dubai-based company. Sebi has issued a show cause notice to Yashish Dahiya, chairperson & CEO of PB Fintech, the company disclosed to the exchanges.
“The SCN pertains to investment of $2 million by PB Fintech, Dubai on Nov 17, 2022 for 26.7% stake in YKNP Marketing Management (an unrelated party) which was not considered unpublished price sensitive information (UPSI) due to non-material value of the transaction,” the company said.“It is clarified that on account of the SCN, there is no material impact on financials, operations or other activities of the company. Further, the company is seeking legal advice to take appropriate steps with respect to the SCN in the due course of time.”
The company’s disclosure to the exchanges came after markets closed on Thursday. During the day, the stock closed 0.4% down at Rs 1,289.