SEBI, India’s securities regulator, has barred four online platforms, including altGraaf and Tap Invest, from distributing bonds and debentures for violating regulations.
These platforms sold unlisted non-convertible debentures (NCDs) to the public without proper registration, disguising them as private placements. SEBI highlighted investor risks due to this practice. AltGraaf, linked to Jiraaf, facilitated Rs 4,400 crore in funding, while Tap Invest helped raise Rs 400 crore for 100 companies. Both startups had prominent backers. SEBI stressed regulatory compliance to safeguard public investments and ordered operations to stop immediately.