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The Securities and Exchange Board of India (SEBI) has levied a penalty of Rs. 5 Lakh on Axis Bank for violating the regulations for Merchant banking regulations.
Axis bank acted as a merchant for 22 debt issues for various companies between August 2016-August 2019. During this period, Axis bank had failed to make requisite disclosures for certain securities it had subscribed to.
Rule 27 of the Merchant banking regulations state that the merchant banks must provide all the details of the transactions to the regulator while acquiring the securities of a body corporate whose issue is managed by it. The bank must provide this data within 15 days from the transaction date.
SEBI to impose a penalty of Rs 5 Lakh penalty on Axis Bank
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