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The stock markets exhibited volatility throughout the week, with the equity benchmark, Nifty50, also hitting fresh highs during the latter trading half of the week. However, during the last trading session on Friday, the key equity benchmarks, Sensex and Nifty, backtracked on their gains and ended flat as markets closed for the day. After beginning the session with gains, the BSE Sensex settled down by 15 points at 73,143, while the NSE Nifty50 closed at 22,213, down by 5 points.

Further, on Friday, the Reserve Bank of India stated that One97 Communications has asked the National Payments Corporation of India (NPCI) to see whether the body can act as a third-party application provider to ensure continued UPI operations in the Paytm app. The regulator said this move was being taken to help provide uninterrupted services for the fintech app users. 

One97 Communications is the parent company of Paytm, whose business segment, Paytm Payments Bank, has been placed under restrictions from the RBI from accepting cash deposits or top-ups in customer accounts, wallets, FASTag, and other instruments related to the lender after the March 15, 2024 deadline. 

Problems for Indian edtech start-up, Byju’s, seem to take a turn for the worse. After the Enforcement Directorate (ED) issued a look-out notice (LOC) against the firm’s founder and CEO, Byju Raveendran, citing FEMA violations on Thursday, a group of four investors also sought legal action against the firm’s management and filed a suit before the Bengaluru bench of the National Company Law Tribunal (NCLT) on Friday. 

According to a PTI report, the investors sought to declare Raveendran as unfit to lead the firm, urged for the appointment of a new board, and filed a suit for oppression and mismanagement.