Subex Limited informed the exchanges that the Reserve Bank of India (RBI) has revoked the in-principle approval granted to its wholly-owned subsidiary, Subex Account Aggregator Services Private Limited. The approval, which was intended to allow the subsidiary to set up an Account Aggregator business, was surrendered by the company at its request.

The company stated that the revocation of the approval will not have any impact, as the subsidiary had not commenced its operations.

In the regulatory filing, Subex explained that the surrender of the in-principle approval aligns with the company’s long-term strategic objectives. The company also clarified that this decision will not incur any financial losses or penalties, as its subsidiary, Subex Account Aggregator Services Private Limited, had not commenced operations under the account aggregator framework.

The approval, granted to the subsidiary by the Reserve Bank of India (RBI), was intended to enable the aggregation of financial data for customers, a framework aimed at improving transparency and access in financial services. Although the license has been surrendered, Subex remains focused on its core business areas and continues to explore other growth opportunities.

This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in the company’s decisions.

Subex reported a net profit ₹0.62 crore in the quarter ended September 2024 compared with a net loss of ₹11.05 crore during the previous quarter ended September 2023.

Sales declined 3.45% to ₹74.16 crore in the second quarter, as against ₹76.81 crore during the prior quarter.

Shares of Subex ended 0.4% higher on Thursday at ₹24.85 on Thursday.

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