Capital market regulator Securities and Exchange Board of India has issued a show cause notice (SCN) to Axis Bank and its subsidiaries in a case related to stake buy in Max Life Insurance.
In a regulatory filing, Axis Bank said the SCN was issued on October 25 through email.
Axis Bank, and its subsidiaries, Axis Securities Limited and Axis Capital Limited, have received an SCN through email from the Sebi, it said.
The SCN is being reviewed and will be filing responses to the SCN with Sebi as the said transactions were undertaken with requisite regulatory approvals, it said.
Meanwhile, Max Financial Services Limited, the holding company of Max Life Insurance also said a few directors and a few key managerial personnel of the company (in each case, ‘both past and present) have received a SCN through email from Sebi.
Earlier this year, the Axis Bank’s board of directors approved the proposal to acquire Max Life shares, raising Axis entities’ total holding in the insurance firm to 19.
Posts in category Business Standard
Sebi issues notice to Axis Bank about stake buy in Max Life Insurance (26-10-2024)
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The Congress on Saturday intensified its offensive against SEBI chief Madhabi Puri Buch, asking what was keeping her from appearing before a parliamentary panel.
Shortly after Congress leader Rahul Gandhi, in an Instagram video, flagged “risks to billions of retail investors in the stock market”, the party posed three questions on Puri, who skipped a recent appearance before the Public Accounts Committee by citing a last-minute emergency.
“Why is Madhabi Buch reluctant to answer questions before the Public Accounts Committee (PAC) of Parliament? Who is behind the plan to protect her from being answerable to the PAC? Is there a well-thought-out conspiracy to risk the hard-earned investments of crores of small-medium investors and benefit Modi ji’s dear friend Adani?” the Congress’ media department chairman Pawan Khera asked in a statement.
Gandhi earlier posted a video of Instagram in which he is heard speaking to Khera on the phone and urging him to devise innovative ways of …
Day after investors lose Rs 6.8 trn, Rahul Gandhi flags stock market risks (26-10-2024)
Congress leader Rahul Gandhi on Saturday expressed concern over the recent sharp decline in the Indian stock markets and said the party must evolve ways to protect the interests of youngsters, the salaried class and the common people who have invested their money.
In a video of a phone conversation with Pawan Khera — chairman of the Congress’ media and publicity department — Gandhi described the stock market as a “space of risk” and urged party leaders to devise innovative ways of cautioning retail investors for protecting their hard-earned money.
“If you want me involved in it, tell me how,” Gandhi told Khera, expressing his willingness to be part of a communication campaign to protect the interests of retail investors.
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Sebi to auction 7 properties worth Rs 15.47 cr of Bishal Group on Dec 10 (26-10-2024)
Capital markets regulator Sebi has said that it will auction seven properties belonging to Bishal Group of Companies on December 10 to recover money illegally collected by the entity from investors.
The properties will be auctioned at a reserve price of a little over Rs 15.47 crore, according to a public notice issued by the Securities and Exchange Board of India.
These properties are flats, land and buildings, land parcels, and plots located in West Bengal.
Sebi has invited bids for the sale of properties in the recovery proceedings against Bishal Abasan India Ltd, Bishal Distillers Ltd, Bishal Agri-Bio Industries Ltd, Bishal Horticulture and Animal Projects Ltd and their promoters/directors (collectively referred to as Bishal Group).
The regulator said the auction will be conducted on December 10 from 11 am to 1 pm.
Adroit Technical Services has been appointed by the markets watchdog to assist it in the sale of properties.
The regulator has asked the bidders to make their own .
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