New Delhi: The stock market regulator SEBI (SEBI) has imposed a penalty for violation of rules by Axis Bank, the third largest lender of the private sector. SEBI has taken action to fine Axis Bank if it is found guilty of breaking the rules of merchant banking. A penalty of Rs 5 lakh has been imposed on the bank under the provisions of section 15A(a) of the SEBI Act. Axis Bank has been given 45 days to pay the fine.
Transaction information not given
Axis Bank has been fined for certain cases of debt securities between 2016 and 2019, in which Axis Bank was a merchant banker. The market regulator found in the investigation that Axis Bank had taken stake in 9 public debt issues as a merchant bank. The bank failed to provide details of the transactions related to them. This is a violation of the rules related to merchant banking.
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Axis Bank shares fall
Due to this news, Axis Bank’s stock fell 0.61 percent on the BSE index on Thursday and closed at Rs 722.20. At the same time, a fall of 0.67 percent was recorded on the NSE. Here its closing price was Rs 721.85. The market capital of Axis Bank is Rs 2,21,687.26 crore. The stock of Axis Bank is trading in this range since the beginning of 2021. During this period, it has registered an increase of only 3.66 percent. The stock of the bank has seen a decline of 4.78 percent within a month.
Tags: Axis bank, Bank news, SEBI, Stock Markets
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