RBI ends FEMA probe against Myntra. Here's what happened

Key points

• The Reserve Bank of India (RBI) has issued a compounding order in the case of M/s Myntra Designs Private Limited, bringing an end to an investigation into alleged violations of the Foreign Exchange Management Act (FEMA), 1999. According to the Enforcement Directorate (ED), the RBI passed the order on April 20, 2026 under Section 15 of FEMA after receiving a "No Objection" from the agency.
• As a result, the investigation against the company has been terminated.
• The case was taken up by the ED after it received information about alleged FEMA violations by Myntra Designs.
• The investigation related to two contraventions.
• The first involved a delay in submitting Annual Performance Reports (APRs) under Regulation 15(iii) of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004. This covered an amount of Rs 42.85 crore.