SAT Stays SEBI Order against HDFC Bank in BMA Wealth Case
Moneylife Digital Team
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The Securities Appellate Tribunal (SAT) has stayed an order passed by market regulator Securities and Exchange Board of India (SEBI) against HDFC Bank Ltd in the BRH Wealth Kreators Ltd (BRH) (formerly BMA Wealth Creators Ltd) and BRH Commodities Private Ltd (formerly BMA Commodities Pvt Ltd) matter. Last month, SEBI had asked the lender to deposit Rs158.68 crore along with interest in an escrow account and pay a penalty of Rs1 crore in this case.
In an order, the SAT bench of justice Tarun Agarwala and justice MT Joshi pointed out that HDFC Bank is one of the largest private sector banks, and as per balance sheet it has assets of Rs16.54 lakh crore and, therefore, has sufficient financial strength and ability to furnish the amount as per the impugned order.
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