Twitter

Facebook

Youtube

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
  Rashtriya Sahara Roznama Sahara
HDFC Bank reviews SEBI order in BRH Wealth Kreators' matter
Last Updated : 22 Jan 2021 04:15:11 PM IST
SEBI
SEBI

 

HDFC Bank on Friday said that it is reviewing the SEBI order imposing a penalty of Rs 1 crore on the bank in the in the matter involving BRS Wealth Kreators.

The capital market regulator on Thursday imposed a penalty of Rs 1 crore on HDFC Bank for invocation of client securities pledged by stock broking firm BRH Wealth Kreators in violation of an interim order by the regulator.
 
In a regulatory filing, the bank said: "The bank is reviewing the order for considering future course of action."
 
A SEBI probe found that the lender had unilaterally invoked securities pledged by BRH to the extent of Rs 158.68 crore and the capital market regulator has thereby directed the bank to deposit an equivalent amount, along with interest from October 14, 2019 till date at the rate of 7 per cent per annum, in a separate interest bearing escrow account, till the issue of settlement of clients' securities is reconciled.
 
On October 7, 2019, the regulator had issued an interim order-cum-show cause notice against BRH Wealth Kreators Ltd (formerly BMA Wealth Creators Ltd) and certain other entities restraining the noticees from accessing the securities market and buying or selling in securities, either directly or indirectly.
 
The interim order had directed the noticees not to dispose of or alienate any assets, whether movable or immovable, or to create or invoke or release any interest or charge in any of such assets except with the prior permission of National Stock Exchange of India Ltd (NSE) and the BSE.
 
BRH, along with the other noticees, were also directed to provide a full inventory of all their assets, whether movable or immovable, or any interest or investment or charge in any of such assets, including details of all their bank accounts, demat accounts and mutual fund investments immediately to NSE and BSE but not later than five working days from the date of receipt of the order.
 
HDFC Bank had granted credit facilities to BRH (Rs 191.16 crore) and BRH Commodities (Rs 26.61 crore) as loan against securities (LAS) out of which an amount of Rs 87.75 crore was granted as LAS.
 
On October 14, 2019, HDFC Bank allegedly had invoked securities pledged by BRH to the extent of Rs 158.68 crore. The aforementioned invocation of pledge of client securities available in the aforementioned two demat accounts of BRH, by HDFC Bank, was allegedly not in conformity with the directions contained in the interim order.
 


IANS
Mumbai
For Latest Updates Please-

Join us on

Follow us on


What binds the two most talked about nations - India and Pakistan together? What makes the

Bollywood actress Sonakshi Sinha is enjoying her marital bliss. On Monday, the actress too

LG Electronics Inc said on Wednesday that it will introduce new C with its artificial inte

 

Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live

172.31.16.186