SBI, BoB face Rs 10 lakh high quality by Sebi for violating mutual fund norms

New Delhi, August 17

Market regulator Sebi has slapped a high quality of Rs 10 lakh every on state-run lenders SBI and Bank of Baroda for non-compliance with its mutual fund norms, the banks knowledgeable bourses on Monday.

Sebi has fined Rs 10 lakh (underneath process for holding inquiry and imposing penalties) on the financial institution for non-compliance of instructions issued in case of holding, greater than prescribed restrict, fairness shares of UTI AMC Ltd and UTI Trustee Company Pvt Ltd, State Bank of India (SBI) stated in a regulatory submitting.

Bank of Baroda in a separate submitting to bourses stated, “The Securities and Exchange Board of India (Sebi) in exercise of power…has imposed penalty aggregating to Rs 10 lakh on the bank for non-compliance of Regulation 7B of Sebi (Mutual Fund Regulations), 1996 with the directions issued by Sebi in the case of holding, more than prescribed limit, equity shares of UTI Asset Management Company Ltd and UTI Trustee Pvt Ltd.”

Both the lenders stated entire time member of Sebi had earlier directed them to adjust to the rules on or earlier than December 31, 2020.

SBI shares closed 1.73 per cent down at Rs 193.05 apiece on BSE. Bank of Baroda closed 0.11 per cent up at Rs 46.15. — PTI

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