May 25, 2021 3:32:56 am
The Securities Appellate Tribunal (SAT) has stayed the Rs 25-crore fine levied by the Securities and Exchange Board of India (Sebi) on Yes Bank Ltd, for alleged misselling of additional tier 1 (AT-1) bonds to investors. The appellate tribunal has given Sebi four weeks to respond and will now hear the case on July 31.
The interim stay order by the SAT is subject to an undertaking by Yes Bank that if the case is decided against the bank, it would pay the penalty within two weeks from the date of such an order.
In April, Sebi fined Yes Bank and two of its senior executives after its probe found that the private bank facilitated selling of AT-1 bonds from institutional investors to individual investors. Sebi found that during the process of selling the AT-1 bonds, individual investors were not informed about all the risks involved in subscription of these bonds.
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