Make this your homepage
Business News
Home > Business News
HDFC Bank reviews SEBI order in BRH Wealth Kreators' matter
TIWN
HDFC Bank reviews SEBI order in BRH Wealth Kreators' matter
PHOTO : TIWN

Mumbai, Jan 22 (TIWN) HDFC Bank on Friday said that it is reviewing the SEBI order imposing a penalty of Rs 1 crore on the bank in the in the matter involving BRS Wealth Kreators.

The capital market regulator on Thursday imposed a penalty of Rs 1 crore on HDFC Bank for invocation of client securities pledged by stock broking firm BRH Wealth Kreators in violation of an interim order by the regulator.  In a regulatory filing, the bank said: "The bank is reviewing the order for considering future course of action."  A SEBI probe found that the lender had unilaterally invoked securities pledged by BRH to the extent of Rs 158.68 crore and the capital market regulator has thereby directed the bank to deposit an equivalent amount, along with interest from October 14, 2019 till date at the rate of 7 per cent per annum, in a separate interest bearing escrow account, till the issue of settlement of clients' securities is reconciled.

Add your Comment
Comments (0)

Special Articles

Saumen Sarkar Saumen Sarkar
Anirban Mitra Anirban Mitra