Yes Bank, its compliance officer pay Rs 66 lakh to settle case with Sebi

Yes Bank and its compliance officer Shivanand Shettigar have settled a case, related to alleged disclosure lapses to the exchanges, with markets regulator Sebi by paying a total amount of Rs 66 lakh towards settlement charges.

While Yes Bank remitted a settlement amount of Rs 51.6 lakh, the compliance officer paid Rs 14.45 lakh as settlement charges on August 27, Sebi said in two separate orders.

The regulator had initiated proceedings after the lender in February 2019 disseminated a press release on stock exchanges with the title "Divergence in Asset Classification and Provisioning for position as on March 31, 2018."
Sebi said it was alleged that the lender had made "selective disclosures of RAR, highlighted 'NIL' divergence without proper authorization, did not follow due procedure to disclose material information and did not have systems in place to ensure that proper procedures are followed while disclosing material information under LODR (Listing Obligations and Disclosure Requirements) Regulations."
For compliance officer, Sebi said that he was "responsible to ensure that the correct procedure is followed that would result in the correctness, authenticity and comprehensiveness of the information, statements and reports."