RBI closes FEMA case against Flipkart-owned Myntra after ₹2.88 lakh compounding penalty
The central bank shut its FEMA probe into fashion e-tailer Myntra after the Enforcement Directorate cleared compounding. Myntra paid a one-time ₹2.88 lakh fee to settle alleged contraventions tied to transactions worth ₹46 crore, drawing a line under a long-running regulatory overhang for the Walmart-backed platform.
What happened
RBI has closed a FEMA investigation against Flipkart-owned Myntra after ED issued no-objection for compounding. The fashion e-commerce platform paid a one-time
Key facts
- Rs 2.88 lakh penalty
- Rs 46 crore transactions
- April 20 order
Why this matters
Closure of this FEMA matter de-risks Myntra's standalone optionality and clears a diligence flag for any future carve-out, strategic stake sale, or pre-IPO restructuring within the Walmart-Flipkart umbrella.