India, May 15 -- Investment tech startup Groww has paid INR 47.85 Lakh to settle a case with SEBI that accused the IPO-bound company of violating stock brokers regulations and failing to conduct client due diligence on guidelines on anti-money laundering rules.

In its order dated May 14, the markets watchdog alleged that Groww violated multiple norms of the securities contract regulations, several SEBI circulars and stock brokers regulations.

SEBI further said that Groww was offering non-securities services such as UPI payments, lending and bill payments via its trading app, which could have exposed users to personal financial liability.

Inc42 has reached out to Groww for comments on the development. The article will be updated on rece...