India, March 3 -- The Supreme Court has upheld the Karnataka High Court's order quashing proceedings against fintech major Razorpay under the Prevention Of Money Laundering Act (PMLA).

In an order dated February 26, the SC said it was not "inclined to interfere with the impugned order(s) passed by the High Court", adding that the petitions filed against the order by the Enforcement Directorate (ED) stand dismissed and any pending applications will be disposed of.

However, the SC also said that the scope of its order was limited to Razorpay and should not be considered as precedent for all others operating in the fintech space.

The payment gateway startup has been fighting a long drawn battle with the ED over allegations that it facilit...