Shares of One97 Communications Ltd, the parent company of payment aggregator Paytm, hit a 10% upper circuit after the company’s founder and CEO, Vijay Shekhar Sharma, reportedly met Reserve Bank of India (RBI) officials and Finance Minister Nirmala Sitharaman.

According to media reports, a source said discussions were held between Paytm CEO, the RBI, and the Finance Minister to address the regulatory concerns and compliance issues.

Earlier yesterday, a group of Indian startup founders wrote a letter to the RBI, PM and FM requesting to reassess the proportionality of restrictions and asked to overview its impact on the economy as a whole.

On January 31, the RBI asked Paytm to stop onboarding new customers immediately and shut down its key banking services after February 29 due to “persistent non-compliance and continued material supervisory concerns in the bank.” Paytm Payment Bank was asked to further stop deposits and top-ups in customer accounts, prepaid instruments, NCMC cards, wallets and more.

At 11:55 am, Paytm’s stock was trading at Rs 491.80, up 9.01% from the previous closing price on the National Stock Exchange (NSE).