Sebi slaps ₹5 lakh fine on Axis Bank for violating norms
Premium- Sebi said Axis Bank had acquired the securities in 9 public debt issues while acting as the merchant banker.
Capital markets regulator Sebi has imposed ₹5 lakh penalty on private lender Axis Bank in a matter related to the issue of debt securities between 2016 and 2019, where Axis Bank acted as a merchant banker.
During the course of examination, it was observed that Axis Bank had acquired the securities in 9 public debt issues while acting as the merchant banker.
Sebi said Axis Bank failed to submit details of the transactions related to the acquisition of securities in the said issues. Regulations mandate that every merchant banker must submit complete particulars of the transactions relating to the acquisition of securities.
"It is an admitted fact that Noticee failed to submit the above details within the prescribed time period in respect of the above mentioned nine public issuances of debt made by the companies during the period August 2016 to August 2019," Sebi said in an order.
Axis Bank is directed to pay the said amount of penalty within 45 days of the receipt of this order.
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On Thursday, Axis Bank shares closed 0.67% down at ₹721.85 apiece on NSE.
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