Sebi slaps Rs 1-crore fine on HDFC Bank in BRH Wealth Kreators case

Sebi on Thursday imposed a penalty of Rs 1 crore on HDFC Bank for invoking securities pledged by stock broker BRH Wealth Kreators in violation of the regulator's interim directions.

In addition, the bank has been directed to tra­nsfer Rs 158.68 crore along with 7 per cent interest per annum into an escro­w account till the issue of settlement of clients' securities is reconciled, Sebi said in an order.

The instant proceedings have essentially arisen on account of non-conformity by HDFC Bank with the directions contained in the interim order issued by Sebi agai­nst BRH and other entiti­es on Octob­er 7, 2019.

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