HDFC Bank-SEBI Update: If a common man does not file his income tax return on time or delays in the paperwork related to his work or business, then he has to pay the fine. In this, only that person suffers loss. But when the largest private sector bank in the country forgets regulatory compliance, strict action can be taken against it. Due to which its credibility in the market may fall and ultimately its investors may have to pay. Same thing has happened with HDFC Bank. The bank has informed the stock exchange on Monday that SEBI has strongly reprimanded it. Also, a warning letter has been issued with instructions not to do this in future. In fact, Arvind Kapil, a key member of HDFC Bank’s management and mortgage head, resigned in March. But HDFC Bank kept it hidden for three days. Three days later, HDFC Bank management informed SEBI that Arvind Kapil had left the job.
HDFC did not even tell why the delay in disclosure
In the letter sent by SEBI to HDFC Bank, it has been said that the bank has not been able to tell the market regulator SEBI the reasons for the delay in disclosing the resignation of such an important manager. SEBI has taken this seriously. Instructions have been given to desist from such carelessness in future. Also warned of action under SEBI Act 1992 in case of such negligence. It has also been warned to inform SEBI about the steps to be taken to avoid such negligence in future. It may be known that Arvind Kapil has joined Poonawala Fincorp as CEO.
HDFC will take steps to address the concerns of the market regulator
In the information given by HDFC Bank to the stock exchange on Monday evening, it has been said that it will take all possible steps to address the concerns of the market regulator. This violation of listing rules by HDFC is raising many questions. The bank will have to take effective steps to save its reputation in the market.
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