Rishi Gupta, Managing Director and CEO of Fino Funds Financial institution, was arrested on February 27 below provisions of the Central Items and Providers Tax (CGST) and State Items and Providers Tax (SGST) Acts, the financial institution stated in a regulatory submitting.
The financial institution clarified that the investigation pertains to sure enterprise associate(s) and to not its personal GST compliance.
The lender stated it’s cooperating with authorities and offering all essential data. “Presently there isn’t any affect on the financial institution. In case of any affect sooner or later, applicable disclosure might be made to the inventory exchanges,” it added.
In a disclosure to the BSE and NSE below Regulation 30 of the SEBI (Itemizing Obligations and Disclosure Necessities) Rules, 2015, the lender stated Gupta was arrested below Part 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017 on February 27, 2026. The bottom of arrest was issued at 03:55 a.m. (IST).
Fino Funds Financial institution additionally acknowledged that the arrest has been made solely in respect of Gupta and that not one of the financial institution’s officers are concerned within the matter. The event has been reported to the Reserve Financial institution of India (RBI), the submitting famous. The estimated quantity concerned, if any, stays below overview.
Following the arrest, the board convened a particular assembly on Friday night, which commenced at 06:45 p.m. and concluded at 07:06 p.m. In the course of the assembly, Chief Monetary Officer Ketan Service provider was appointed as Head of the Organisation to hold on and oversee the day-to-day operations of the financial institution in Gupta’s absence. Service provider will stay in cost till in any other case resolved by the board or till Gupta resumes workplace, whichever is earlier.
“The Financial institution is actively taking applicable measures to deal with and overcome the above state of affairs,” the corporate stated, including that the disclosure can also be out there on its web site.
In a press release, Ketan Service provider, Chief Monetary Officer, Fino Funds Financial institution Restricted, stated, “Following our inventory alternate disclosure dated February 27, 2026, we wish to reiterate that the Financial institution maintains robust company governance requirements, a sound compliance framework and strong inner processes. As a regulated entity, we adhere to all relevant legal guidelines, together with GST rules. The matter pertains to a GST investigation involving sure enterprise associate(s). The Financial institution and its MD & CEO, Mr. Rishi Gupta, should not related with the actions of those enterprise associate(s). Now we have full religion within the nation’s judicial system and can proceed to cooperate totally with the authorities within the ongoing proceedings.”
“We additionally want to guarantee our prospects, buyers and all stakeholders that our operations stay regular and uninterrupted, with no affect on companies. We stay steadfast in our dedication to buyer centricity and delivering constant worth,” the assertion added.
