Axis Bank, United India Insurance settle cases with Sebi

MUMBAI: Axis Bank has paid Rs 41.4 lakh to markets regulator Sebi to settle its case of non-disclosure of information relating to offloading of the bank’s shares by United India Insurance. The non-life insurer, one of the promoters of the bank, has also paid Rs 10.1 lakh to Sebi to settle the same case. This was revealed by the settlement orders of the regulator.

Sebi’s investigation found that between October 1, 2017 and September 30, 2018, the value of securities of the bank traded by the applicant, its promoter entity, on each trading day was more than Rs 10 lakh. The same was required to be disclosed to the bank within two trading days.

However, in five instances the said disclosures were made by the applicant to the bank only with a delay of 10-17 days, the report noted. After the adjudication processes were started against Axis Bank and United India Insurance in this case, the two initiated settlement proceedings.

Subsequently, Axis Bank paid Rs 41.4 lakh and United India Insurance Rs 10.1 lakh to settle the respective cases.

Source: The Times of India