SEBI penalises HDFC Bank in BRH Wealth Kreators case
Click here to read full article from source
Mumbai, Jan. 21 -- The Securities Exchange Board of India (SEBI) has imposed a fine of Rs1 crore 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 to BRH and BRH commodities to the tune of Rs.87.75 crore against shares, however, it invoked securities pledged to the extent of Rs.158.68 crore without giving any notice to the clients.
According to the regulator, the invocation of pledge of client securities was not in conformity with the directions contained in the interim order which was issued on 7 October 2019. SEBI has therefore asked HDFC bank to deposit an equivalent amount of Rs.158....
To read the full article or to get the complete feed from this publication, please Contact Us