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SEBI Orders Growpital Wind-Up, Bars Promoters for 5 Years Over Unauthorised CIS
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Moneycontrol•28-09-2026, 19:24
SEBI Orders Growpital Wind-Up, Bars Promoters for 5 Years Over Unauthorised CIS
- •SEBI has ordered the winding-up of the Growpital farmland investment scheme, deeming it an unauthorised Collective Investment Scheme (CIS) that collected Rs 192.88 crore from 5,208 investors.
- •The regulator found that Growpital, operated by Farm Silo Tech LLP and other LLPs, promised assured, tax-free returns from agricultural operations without investors having ownership or control over the land.
- •Eight main noticees, including Rituraj Sharma, Krishnna Joshi, and Gayatri Rinwa, along with associated entities, are held jointly and severally liable to refund investor money with 12% interest.
- •The main noticees are barred from the securities market for five years or until refunds are completed, while 20 others face a three-year ban.
- •SEBI has directed a refund process starting with Rs 50 crore in escrow, followed by recovery from assets and personal accounts of the main noticees if shortfalls remain, and imposed penalties of Rs 2 crore each on the main noticees and lesser fines on others.
Key Questions Answered
SEBI ordered the winding-up of Growpital after holding that the platform operated an unauthorised collective investment scheme and collected Rs 192.88 crore from 5,208 investors by promising assured, tax-free returns from agricultural operations.
SEBI barred the eight main noticees from the securities market for five years or until completion of refunds, whichever is later, and imposed a Rs 2 crore penalty on each of them.
A nodal officer will oversee refunds, starting with the distribution of about Rs 50 crore currently lying in escrow, followed by recoveries from receivables, assets, and the personal accounts of the main noticees with 12 percent annual interest.
