HDFC Bank Penalty: SEBI imposes fine of Rs 1 crore, here s how this will affect you
SEBI has imposed Rs 1 crore penalty on HDFC Bank because it has sold some of the mortgaged shares of BRH Wealth Kreators.
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Updated: Jan 23, 2021, 11:38 AM IST
If your bank account is in HDFC Bank, then this news is very important for you as Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stock broker BRH Wealth Kreators. The SEBI has imposed the penalty for violation of its interim directions.
SEBI has imposed this penalty on HDFC Bank because it has sold some of the mortgaged shares of BRH Wealth Kreators, which is in violation of the interim order of SEBI. In an order, SEBI has also directed the bank to deposit interest of Rs 158.68 crore held in an escrow account and 7% per annum till a decision is reached in the case.
Shares of HDFC Bank hit a new high of Rs 1,503, surging 2.5 per cent in the intra-day trade on the BSE on Monday, after the private sector reported steady performance for the October-December quarter (Q3FY21) with net profit increasing by 18 per cent year on year (YoY) to Rs 8,758 crore, driven by robust growth in net interest income and other income. The stock settled 1.15 per cent higher on the BSE, at Rs 1,483 apiece, and was among the only four gainers on the Sensex today. The counter saw huge trading volumes with a combined 22.21 million equity shares changing hands on the NSE and BSE.