New Delhi: The Securities and Exchange Board of India (SEBI) has issued an administrative letter warning HDFC Bank for non-compliance with multiple regulations. HDFC bank, in an exchange filing on Thursday, said that SEBI claimed non-compliance related to non-adherence to specific SEBI regulations concerning merchant bankers, capital issuance and disclosure obligations, and the restriction on insider trading, according to reports.
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However, the bank has assured stakeholders that the warning would not impact its financial or operational activities. Moreover, HDFC has promised to take the required actions to address SEBI's observations. The warning came after a routine review of HDFC's investment banking operations.
After the warning notice, HDFC Bank stock dipped by 0.5 per cent in midday trade on December 12.
HDB Financial Services Files Rs 12,500 Crore IPO Application, HDFC Bank Addresses Regulatory Warning
Meanwhile, HDB Financial Services, the non-banking financial division of HDFC Bank, HDB Financial Services, submitted an IPO application in October of this year for a maximum price of Rs 12,500 crore. This includes HDFC Bank selling up to Rs 10,000 crore worth of stakes and HDB Financial issuing up to Rs 2,500 crore worth of new shares.
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