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SAT quashes Sebi order against HDFC Bank for invoking pledged shares

Market regulator had fined lender Rs 1 cr for flouting directions in an interim order dated October 7, 2019; also directed bank to deposit Rs 159 cr along with 7% interest

HDFC Bank ranked number 16 for overall equity deals business last year, and number 29 in 2019, according to data compiled by Bloomberg.

Samie Modak Mumbai
The Securities Appellate Tribunal (SAT) has quashed an order issued by the Securities and Exchange Board of India (Sebi) against HDFC Bank for invoking shares pledged by broker BRH Wealth Advisor.

On January 21, 2021, the market regulator imposed a penalty of Rs 1 crore on the private sector lender for flouting directions passed in an interim order dated October 7, 2019. Sebi also directed HDFC Bank to deposit Rs 159 crore along with 7 per cent interest.

HDFC Bank had challenged the Sebi directions before SAT.

“We are of the opinion that the appellant (HDFC Bank) was justified in

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First Published: Feb 21 2022 | 9:20 PM IST

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