Authority: Shri Kamlesh Chandra Varshney, Whole Time Member, Securities and Exchange Board of India (SEBI)

Order Date: September 28, 2026

Case Overview

This settlement order disposes of enforcement proceedings initiated against Nutrikosh India Private Limited (Applicant 1) and its director, Alok Chaudhary (Applicant 2). The proceedings stemmed from a detailed SEBI investigation into the Growpital Platform, which was previously found to have operated an unregistered Collective Investment Scheme (CIS) and raised ₹192.88 crore from the public. While the Applicants were not named in the initial ex-parte Interim Order of January 29, 2024, they were included in a subsequent Show Cause Notice (SCN) dated March 03, 2025, issued to 30 noticees.

The SCN alleged that Nutrikosh aided and abetted other co-noticees in fraudulent activities and acted as a conduit to transfer funds amounting to ₹7.03 crore. It was alleged that the company played an active role in a scheme designed to collect funds from investors by promising assured tax-free returns. These funds were allegedly used to show fake revenues to lure more investors and to acquire properties/assets. Consequently, the Applicants were alleged to have violated Section 12A(a), (b), (c) of the SEBI Act, 1992, read with Regulations 3(a), 3(b), 3(c), 3(d), and 4(1) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003.

Pending these enforcement proceedings, the Applicants filed settlement applications (No. 8545/2025 and 8546/2025) on April 30, 2025, under the SEBI (Settlement Proceedings) Regulations, 2018, without admitting or denying the findings. The Internal Committee (IC) recommended settlement upon payment of ₹40,56,000 (Forty Lakh Fifty-Six Thousand Rupees) by each Applicant. This recommendation was approved by the High Powered Advisory Committee (HPAC) on March 25, 2026, and subsequently by the Panel of Whole Time Members on May 26, 2026. Notices of Demand were issued on June 01, 2026, and the Applicants remitted the full settlement amounts of ₹81,12,000 in total by June 30, 2026.

Final Outcome

The Whole Time Member disposed of the proceedings initiated vide the SCN dated March 03, 2025. SEBI is barred from initiating any further enforcement action against the Applicants for the specific violations alleged in the SCN. However, this order is without prejudice to SEBI's right to restore proceedings under Regulation 28 of the Settlement Regulations if any representations made by the Applicants are found to be untrue, if they breach any undertakings/waivers, or if a discrepancy is found in the settlement terms. The order came into force immediately on September 28, 2026.

Topics: SEBI Settlement, Collective Investment Scheme, Fraudulent Practices