Sebi fines HDFC Bank for invoking pledged securities
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New Delhi, Jan. 22 -- The Securities and Exchange Board of India (Sebi) has imposed a fine of Rs.1 crore on HDFC Bank for invoking securities pledged by BRH Wealth Kreators in violation of the regulator's interim orders.
The markets regulator in an order issued on Thursday said that the bank had extended loan facility of Rs.87.75 crore against shares to BRH and BRH Commodities. However, it invoked securities pledged to the extent of Rs.158.68 crore without giving any notice to the clients.
The invocation of pledged client securities was not in conformity with the directions contained in the interim order issued on 7 October 2019, the regulator said. Sebi has, therefore, asked HDFC Bank to deposit an equivalent amount of Rs.158.68 crore ...
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