Picture courtesy indianexpress.com
Mumbai: The Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 1 crore on HDFC Bank for violating its interim order and invoking securities pledged by BRH Wealth Kreators.
In an order, the market regulator said that HDFC bank had extended loan facility of Rs 87.75 crore against shares to BRH and BRH Commodities, and invoked securities pledged amounting to Rs 158.68 crore without giving notice to the clients, Mint reported.
Observing that the bank violated directions given in the interim order issued on October 7, 2019, Sebi has asked HDFC Bank to deposit Rs 158.68 crore, along with interest from October 14, 2019, till date at the rate of 7% per annum till the settlement of clients’ securities.
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