Sebi slaps Rs 1 cr. fine on HDFC Bank

TIL Desk/Business/New Delhi/ Sebi on Thursday imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stock broker BRH Wealth Kreators in violation of the regulator’s interim directions.

In addition, the bank has been directed to transfer Rs 158.68 crore along with 7 per cent interest per annum into an escrow account till the issue of settlement of clients’ securities is reconciled, Sebi said in an order.

The instant proceedings have essentially arisen on account of non-conformity by HDFC Bank with the directions contained in the interim order issued by Sebi against BRH Wealth Kreators and other entities on October 7, 2019.