Axis Bank, promoter United India Insurance settle non-disclosure case with Sebi

Business


Mumbai: has paid Rs 41.4 lakh to Sebi to settle its case of non-disclosure of information relating to offloading of the bank’s shares by its promoter United India Insurance Company(UIIC).

The non-life insurer also paid Rs 10.1 lakh to the regulator to settle the same case.

Sebi said it noted in the investigation that during the period from October 01, 2017 to September 30, 2018, the value of trades by UICC in the securities of the private lender on each trading day was more than Rs 10 lakh.

Under Sebi rules, Axis Bank was required to disclose the same to the stock exchange within two trading days of the receipt of the disclosure from UIIC.

“However, the same was disclosed by the applicant (Axis Bank) to the stock exchange only on October 16, 2020, only with a delay of 1072 – 1080 days,” Sebi said in its order on Tuesday.

The regulator said in five instances the disclosures made by UIIC to Axis Bank was with a delay of 10-17 days. It was required to disclose the same within two working days.





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