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Yes Bank settles case with SEBI under consent route

Yes Bank said it has settled a case pertaining to ‘selective disclosure’ of assets quality with SEBI. The bank said the issue was settled under the consent mechanism paying Rs 51.6 lakh as settlement charges. Yes Bank’s compliance officer Shivanand Shettigar paid another Rs 14.45 lakh as settlement charges in the same matter. The bank had in February 2019 made a disclosure to the stock exchanges stating that the Reserve Bank of India had not found any divergence in the asset classification and provisioning done by the bank for 2017-18. Following the disclosure, shares of the bank had shot up, but RBI pulled up the bank for making the disclosure over breach of confidentiality and selective revelations. The stock had later tanked. SEBI, probing the matter, said the bank had made selective disclosure by ‘highlighting NIL’ divergence which had significant positive impact on the price movement and had not disclosed other issues mentioned in the Risk Assessment Report (RAR) as observed by RBI such as lapses and regulatory breaches in various areas in its functioning. SEBI also said Shivanand Shettigar, the compliance officer of the bank, was responsible to ensure that the correct procedure is followed that would result in the correctness, authenticity and comprehensiveness of the information, statements and reports filed by the lender. The bank approached the regulator for settling the case under the consent route and SEBI allowed it.

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