The Securities and Exchange Board of India (Sebi) has ordered three online platforms—Altgraaf, Tap Invest, and Stable Investments—to halt their operations concerning unlisted bonds immediately. This action is part of an ongoing investigation into possible fraudulent practices linked to these platforms.
Altgraaf, which was founded in 2021 by Vineet Agrawal and Sourav Ghosh, is associated with AI Growth Private Limited and operates alongside the regulated platform Jiraaf. Tap Invest, also established in 2021, has successfully garnered around $2.3 million in funding from a variety of investors. Meanwhile, Stable Investments, a relatively new player founded in 2022 and led by Kanishk Ranka, is based in Mumbai.
Sebi’s investigation has revealed that Altgraaf was involved in the sale of non-convertible debentures (NCDs) amounting to over Rs 4,400 crore for 75 different companies, while Tap Invest raised approximately Rs 400 crore for more than 100 firms. The specifics regarding Stable Investments are still being examined. Although Sebi allows retail investors to participate in unlisted corporate bonds and NCDs through registered entities, these platforms were found to be operating without the required licenses.
The inquiry uncovered that these platforms were evading regulatory oversight by initially offering NCDs through private placements before transitioning to public offerings. This strategy enabled them to conduct public offerings without complying with the necessary regulations. Sebi has raised alarms that these platforms may have misled customers into thinking they were adhering to regulatory standards, which could lead to implications under Sebi’s fraud provisions.
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