SEBI levies monetary penalty of Rs 1 cr on HDFC Bank

HDFC Bank announced that the Securities & Exchange Board of India (SEBI), vide its Final Order dated 21 January 2021 (the Order), has levied a monetary penalty of Rupees One Crore payable by the Bank in terms of Section 15HB of the SEBI Act, in the matter of M/s. BRH Wealth Kreators , for non]compliance with the Interim Order issued by SEBI concerning the said matter.

Further, the Bank has been directed vide the Order to transfer an amount of Rs. 158.68 crore along with interest from 14 October 2019 till date, calculated at the rate of 7% p.a. to an interest bearing Escrow Account in any nationalized bank, by marking a lien in favour of SEBI, until the issue of settlement of clientsf securities (clients of the stockbroker) is reconciled.

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