Markets Securities & Exchange Board
SEBI concludes Growpital operated as unregistered Collective Investment Scheme
This is a final order by SEBI regarding the 'Growpital' platform, examining whether it operated as an unregistered Collective Investment Scheme (CIS) and whether funds were transferred through various entities without underlying business.
Who it concerns: Rituraj Sharma, Krishnna Joshi, Gayatri Rinwa, Yotta Agro Venture Pvt Ltd, Farm Silo Tech LLP, ZF Project 1 LLP, ZF Project 2 LLP, ZF Project 3 LLP, Toshan Seeds Private Limited, Gopal Vasharambhai Kuchhadiya, Girishkumar Ishvarlal Makvana, MSVO Ventures Private Limited, Rahul Meena, Divya Soni, Nutrikosh India Private Limited, Alok Chaudhary, Ashutosh Tiwari, Rahul Saini, Anandkumar Sriram Mahto, Ttoys Bazar Private Limited, Manoj Maru, Vikram Singh Rathore, Vishnu Dutt Upadhyaya, Unique Projects (Sukh Tanwar), Mateshwari Trading Company (Ratan Singh Bhati), Vishnu Balaji Farmer Producer Company Limited, Anjali Khandelwal, Monika Tewari, Poonam Khandelwal, Sujata Devi
What SEBI found or ordered
- SEBI investigated fund mobilization by Farm Silo Tech LLP via the Growpital website from April 2020 to January 2024.
- SEBI examined whether Noticees 1-8 ran a Collective Investment Scheme (CIS) in violation of the SEBI Act, CIS Regulations, and PFUTP Regulations.
- SEBI examined whether financial transactions between Noticees 1-8 and other Noticees were without underlying business, with funds acting as conduits.
- An Interim Order dated January 29, 2024, directed Noticees 1-8 to cease soliciting investors, collect money, or access the securities market.
- The Interim Order also directed Cashfree Payments India Private Limited not to accept payments for Growpital.
- Proceedings against Noticees 15 (Nutrikosh India Private Limited) and 16 (Alok Chaudhary) were settled via a settlement order dated September 28, 2026.
Also in the document
- The order is a Final Order, concluding the proceedings initiated by an Interim Order in January 2024.
- The investigation period covered approximately four years (April 2020 to January 2024).
- Noticees 1-8 appealed the interim restrictions to the Securities Appellate Tribunal (SAT), citing business losses due to frozen accounts.
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · Ref. WTM/KV/WRO · 28 Sep 2026
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