Paytm’s parent company, One97 Communications molded an advisory committee following the Reserve Bank's move on its payments bank operation.

The head of the committee and a former Sebi chairman, M Damodaran, says, “The committee has not yet had a deeper engagement with the company to uncover any issues."

"We serve as outside consultants. When asked about Paytm's reaction to the RBI's directive on January 31 regarding Paytm Payments Banks Limited (PPBL), at this point they (Paytm) are dealing with RBI," says Damodaran.

The RBI instructed PPBL to stop all future deposits, credit transactions, and top-ups in any customer accounts, prepaid cards, wallets, FASTags, and National Common Mobility Cards after February 29 in accordance with the decision of January 31. The deadline was later extended by the central bank to March 15.

Paytm announced the formation of a group advisory committee led by Damodaran on February 9. The committee was established to provide guidance to the business on regulatory affairs and ways to improve compliance.

The book included comments from previous colleagues of Damodaran, such as former mines secretary Sushil Kumar, and was edited by former Tripura cadre IAS officer Dinesh Tyagi, who most recently held the position of Managing Director of CSC E-Governance.

"Sebi has a huge challenge. The bandwidth seems inadequate to tackle the large number of issues that they have to tackle. In the process, it sometimes feels like they are biting more than they can chew," Damodaran says.

The book also discusses threats Damodaran faced for judgments he made during his tenure as joint secretary in the ministry of information and media.