RBI Closes FEMA Case Against Myntra With Rs 2.88 Lakh Compounding Fee
The Reserve Bank of India has wrapped up Foreign Exchange Management Act proceedings against Flipkart-owned fashion platform Myntra through a compounding order carrying a Rs 2.88 lakh fee, following a no-objection clearance from the Enforcement Directorate.
What happened
RBI has closed FEMA proceedings against Flipkart-owned fashion platform Myntra via a compounding order, imposing a Rs 2.88 lakh fee, after the Enforcement
Key facts
- Rs 2.88 lakh
- 20 April
Why this matters
With FEMA proceedings formally compounded, Myntra's regulatory diligence file gets cleaner—relevant for any carve-out, secondary, or IPO-track conversation involving the Flipkart group.