India, March 1 -- The Enforcement Directorate (ED) has issued a show cause notice to fintech major Paytm in connection with alleged violations of foreign exchange norms.

In an exchange filing, Paytm said that the notice relates to the fintech company's acquisition of two companies - Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL), erstwhile Groupon - between 2015 and 2019.

The fintech giant also said that some of the alleged contraventions pertain to LIPL and NIPL when they were not subsidiaries of the company.

Besides Paytm parent One97 Communications Limited (OCL), the notice has also been issued to the two subsidiaries and "certain current and past directors and officers of the company and its two sub...