SEBI Asks HDFC Bank to Deposit Rs158.68 Crore in Escrow Account, Pay Penalty of Rs1 Crore for Violating Its Order in BMA Wealth Matter
0 Coming down heavily on HDFC Bank Ltd for violating its orders, market regulator Securities and Exchange Board of India (SEBI) has asked the lender to deposit Rs158.68 crore along with interest in an escrow account and pay a penalty of Rs1 crore. SEBI found HDFC Bank violated its interim order and unilaterally invoked securities pledged by BRH Wealth Kreators Ltd (BRH) (formerly BMA Wealth Creators Ltd) and BRH Commodities Private Ltd (formerly BMA Commodities Pvt Ltd), worth Rs158.68 crore. In the order, G Mahalingam, whole time member (WTM) of SEBI says, "Given the unilateral action o...
Source: moneylife.in