Axis Bank-United India Insurance Case; Updates from Securities and Exchange Board of India | Axis Bank paid Rs 41.43 lakh to SEBI to settle the case

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  • Axis Bank United India Insurance Case; Updates from Securities and Exchange Board of India

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Mumbai4 hours ago

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SEBI said that it had done some investigation. This investigation revealed that Axis Bank had not disclosed the required information. This information was in the case of United India Insurance

  • The bank’s stock fell 2.42% to close at Rs 775 on the BSE.
  • Last week, Sun Pharma and Indigo also settled their case.

The third largest private sector Axis Bank has given Rs 41.43 lakh to SEBI to settle a case. Stock market regulator Sebi gave this information in an order on Tuesday. The bank’s stock has closed at Rs 775, down 2.42% on the BSE.

SEBI started investigation

SEBI said that it had done some investigation. This investigation revealed that Axis Bank had not disclosed the required information. This information was in the case of United India Insurance. Sebi said that United India Insurance shares were traded between October 1, 2017 and September 30, 2018. It had turnover of more than 10 lakh rupees daily. According to the rules, it was necessary to disclose it.

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Information to be given in two days

Sebi said that Axis Bank was to make this disclosure on the respective exchange in two business days. But he made this disclosure almost 3 years later in 2020. SEBI issued a notice in December 2020 in the same case. After this case came to settlement. Under this settlement, Axis Bank settled the matter by paying Rs 41 lakh 43 thousand 750 to SEBI.

Money filled on 27 January

SEBI said that the money was paid on 27 January 2021. After this, SEBI closed the investigation. SEBI said that no further investigation will be done in this matter. Let me tell you that Sun Pharma settled with SEBI only last week. In this, Sun Pharma and its promoter settled the matter by paying Rs 1.50 crore. In recent times, many such cases have been settled.

All these cases have been related to non-disclosure of information and other disturbances. Indigo also settled the case with Sebi last week by paying Rs 2.10 crore.

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