SEBI accepted a settlement payment of ₹40.56 lakh each from Nutrikosh India Private Limited and Alok Chaudhary in proceedings connected with Growpital. The two applicants settled without admitting or denying the facts and conclusions of law. This did not settle the entire Growpital case: on the same day, September 28, 2026, SEBI issued a separate final order covering the wider group of noticees and directing a refund process for investors.
What did SEBI order in the Growpital case?
SEBI’s settlement order disposes of proceedings against two applicants—Nutrikosh India Private Limited and Alok Chaudhary—that arose from a March 3, 2025 show-cause notice. The order records a payment of ₹40,56,000 from each applicant. SEBI said its department confirmed receipt of both payments. The settlement proposal was made “without admitting or denying the facts and conclusions of law.” Read the settlement order.
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That order is separate from SEBI’s September 28, 2026 final order against the wider group of noticees. The final order records Nutrikosh and Chaudhary’s proceedings as settled while making findings and issuing directions concerning other noticees. Read the final order.
| Issue | Settlement order | Separate final order |
|---|---|---|
| Scope | Two applicants: Nutrikosh India Private Limited and Alok Chaudhary | Wider group of noticees; proceedings against Nutrikosh and Chaudhary are noted as settled |
| Legal effect | Disposes of the two applicants’ proceedings under the order’s terms, without an admission or denial | Records SEBI’s findings, directions and penalties concerning other noticees |
| Amounts | ₹40,56,000 paid by each applicant | Addresses investor funds, recoveries, penalties and refunds |
| Investor remedy | Does not itself order a refund to investors | Directs winding up and refunds of outstanding investor amounts, subject to the prescribed process and available recoveries |
SEBI says it will not initiate other enforcement action against the two applicants for the alleged violations in the cited notice, while preserving rights to restore or initiate proceedings in specified circumstances. The settlement is not a general acquittal, does not resolve other noticees’ proceedings and is not evidence that investors received refunds.
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Why did SEBI investigate Growpital?
SEBI’s investigation covered April 1, 2020, to January 31, 2024. Its final order says it examined fundraising by Farm Silo Tech LLP through the Growpital website. A January 29, 2024 interim order directed principal entities to cease and desist from unregistered collective investment scheme activity, among other measures. A confirmatory order dated April 26, 2024 continued those directions pending investigation; the later final order recounts that history.
A show-cause notice dated March 3, 2025 went to 30 noticees, including the two settlement applicants. Nutrikosh and Chaudhary then applied to settle their proceedings. SEBI’s Internal Committee recommended the ₹40,56,000 amount for each; the High Powered Advisory Committee agreed, and a panel of SEBI Whole Time Members approved the recommendation.
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What did SEBI find about the scheme and investor funds?
In the separate final order, SEBI found that Noticees 1–8 operated a collective investment scheme in breach of provisions of the SEBI Act, the CIS Regulations and the PFUTP Regulations. It also found that specified other noticees aided and abetted the scheme. The order says the arrangement raised ₹192.88 crore from 5,208 unique investors.
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According to SEBI’s findings, investors contributed through limited liability partnerships, were onboarded as partners, received units and were promised profits or returns. The order says funds were pooled and that land lease or ownership agreements provided to investors did not give them legal ownership or control over land used for the claimed agricultural operations. SEBI characterized the pitch as “promising them assured tax-free profits/returns”; that is the regulator’s description and finding, not an independently verified guarantee.
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The order also says about ₹95.60 crore was transferred from Farm Silo Tech LLP to Yotta without underlying business, and that LLPs spent ₹8.53 crore to acquire a company called Grobanana in Yotta’s name. These are findings stated in SEBI’s final order.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Are Growpital investors getting a refund?
SEBI’s final order directs the principal noticees to wind up the schemes and refund outstanding amounts with interest at 12% per annum from January 29, 2024, until the date of refund. It sets out a staged process rather than confirming that repayment has already occurred.
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The order records ₹50.14 crore frozen in escrow, including ₹6.07 crore held with Cashfree Payments India Private Limited, and identifies ₹32.79 crore in recoverables. SEBI says those amounts fall short of total collections. It also says the noticees failed to provide details and evidence for ₹130 crore in expenditure they claimed. The order therefore does not establish that the full amount owed has been recovered or that full repayment is certain.
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- Investor list: The principal noticees must provide a documented list of investors within 21 days, as directed by the order.
- Verification and publication: The list is to be verified and published. An investor omitted from it, or shown with an incorrect bank account, PAN or outstanding amount, may submit a grievance within 30 days of publication.
- Distribution: Available funds are to be distributed proportionately according to investors’ outstanding contributions. Refunds are to go by bank transfer to the account from which the money came, or to a new verified account supplied by the investor.
- Further recovery: The order provides for asset liquidation and additional recovery if needed, including from principal noticees’ personal assets to the extent of a refund shortfall. Unclaimed sums are directed to SEBI’s Investor Protection and Education Fund.
SEBI’s published order prescribes these steps, but it does not confirm whether the Nodal Refund Officer had been appointed, the investor list published or claims processing begun by October 12, 2026. Investors should rely on official SEBI notices and the published process for any next steps; the order does not establish that a claims window is already open.
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