@Sameer_Upadhyayula , I really dont understand the news fully. Tax related news came a month back, Now news includes part on non-KYC.
PB Fintech is a facilitator of insurance and loan products. So there should be a joint responsibility of PB Fintech and lender/insurer for KYC. If there is deficiency in KYC from PB Fintech then these lenders/insurance orginators should go back and ask for documents. If PB fintech is at fault then most likely it will percolate to originators as well.
I dont know of the implications. One thing which i dont understand is that the news links kyc with tax also. I understand that PB fintech is not profitable so tax liability shall not arise. I am not sure if this more on GST side of survey which many of the insurers already received notice for same. – HDFC Life faces ₹942 crore GST demand | Mint, ICICI Lombard: ICICI Pru Life gets GST demand notice of Rs 270 cr – The Economic Times, Bajaj Finserv shares in focus as insurance arm gets Rs 1,010 crore GST notice. Details here – BusinessToday. And there are many more – Disguised Payouts: Banks, Insurers Face Gst Notices | Mumbai News – Times of India, .
Lets see how this pans out. Other stocks did not react much or came back post these notices.
I have significant position and I bought today also so please take my reading with pinch of salt. Biased.
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