RBI clears Myntra’s FEMA violations after penalty payment; ED closes investigation
The Reserve Bank of India (RBI) has compounded certain violations of the Foreign Exchange Management Act (FEMA) by Myntra Designs Private Limited, paving the way for the closure of an Enforcement Directorate (ED) investigation into the matter.
In a statement issued on Thursday, the ED said the RBI passed a compounding order on April 20, 2026 under Section 15 of FEMA after receiving a “No Objection” from the agency. The order resulted in the termination of the investigation against the company for the alleged contraventions.
