Intimation under Regulation 30 of SEBI (LODR) Regulations 2015
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Awaiting price reaction for this filing.
Paul Merchants Ltd informed BSE that the Reserve Bank of India (Foreign Exchange Department) has rejected its application dated November 6, 2025 for a Money Transfer Service Scheme (MTSS) license. The rejection was communicated via RBI's letter dated January 22, 2026, without citing any reason and without granting an opportunity to be heard. The company stated that the rejection has no impact on its existing business, as operations are carried out under its principal AD-II License, which was renewed on January 21, 2026 and remains valid until January 31, 2027. The MTSS license was intended for a new line of business the company planned to launch. The company plans to make a representation to RBI in due course and will update the exchange on the outcome.
Negative for growth prospects as the MTSS business was a planned new revenue stream, but existing operations remain unaffected since the core AD-II license is valid. The stock may see short-term pressure due to the regulatory setback, though the company intends to pursue the matter with RBI.