TIL Desk/Business/Mumbai/ The Securities and Exchange Board of India on Friday imposed a fine of Rs 1 crore on former Yes Bank MD and CEO Rana Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.
In view of the transaction by Morgan Credits Pvt Ltd of raising Rs 950 crore from Reliance Mutual Fund through unlisted Zero Coupon Non-Convertible Debentures on April 19, 2018, the SEBI undertook examination in the matter about the possible requirements of disclosure under its regulations, the order said.
The SEBI sought information from the BSE and thee NSE with respect to the aforesaid transaction and they informed that they had not received any disclosures under the LODR Regulations and the SAST Regulations from Yes Bank or its promoters regarding the aforesaid transaction by its promoter entity.
The SEBI also sought comments from the company, and was informed that “its promoter Morgan had raised Rs 950 crore from RMF, which was not in the nature of encumbrance of shares by promoters and thus, there has been no requirement of disclosures under the LODR Regulations and SAST Regulations”.
