Subex Limited, a leading global provider of digital trust and analytics solutions, has decided to surrender the in-principle approval granted by the Reserve Bank of India (RBI) to its wholly-owned subsidiary, Subex Account Aggregator Services Private Limited. The approval was initially issued to establish operations in the account aggregator business.
The decision, as confirmed by RBI through its communication dated December 4, 2024, comes after Subex evaluated its strategic priorities. The subsidiary, which was set up to explore opportunities in account aggregation, had not initiated operations under the RBI approval, ensuring there is no financial or operational impact on Subex Limited.
In its regulatory filing, Subex stated that the surrender of the approval aligns with the company’s long-term strategy and business goals. The company also confirmed that the decision does not result in any monetary loss or penalties, as the subsidiary had not operationalized its services under the account aggregator framework.
The in-principle approval was granted to Subex Account Aggregator Services Private Limited for facilitating the aggregation of financial data for customers, a framework introduced by the RBI to enhance transparency and access in financial services. Despite surrendering the license, Subex remains committed to its core businesses and continues to explore other avenues for growth.
This disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in the company’s operations and strategic decisions.
