AT-1 bond mis-selling case: SAT gives interim relief to YES Bank

In April, Sebi had slapped a penalty of Rs 25 crore on it and 3 executives

YES Bank has obtained an interim stay on the Securities and Exchange Board of India's (Sebi's) order dated April 12 which imposed a penalty of Rs 25 crore for alleged mis-selling of additional tier-1 (AT-1) bonds.

“We stayed the effect and operation of the impugned order against the appellants provided the appellant bank, namely, YES Bank gives an undertaking on behalf of the bank, as well as on behalf of the other appellants who were members of the private wealth management team to the effect that in the event of failure of the appeal, the bank would pay the penalty amount