Business SBI Cards IPO: Director unable to locate some education records, Sebi action against unit and other key risks listed in draft prospectus Updated : November 30, 2019 10:15 AM IST SBI Cards has not been able to obtain certain records of the educational qualifications of its Independent Director Dinesh Kumar Mehrotra. SEBI has initiated proceedings against SBI Funds Management Pvt ltd, one of SBI Cards group companies. A substantial portion of SBI Cards' credit portfolio is unsupported by any collateral that could help ensure repayment. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.