 "HDFC Bank")
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
