- by Stocktry Expert
- 18th Aug 2020
A fine of Rs.10 lakhs imposed on Bank of Baroda by Sebi
On Monday, Bank of Baroda said capital market regulator Sebi has imposed a fine of Rs 10 lakhs on the bank for violating mutual fund regulations.
"The Securities and Exchange Board of India (Sebi) in the 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," Bank of Baroda said in a regulatory, filing whole-time that the member of the Sebi had earlier directed the bank to comply with the guidelines on or before December 31, 2020.
Bank of Baroda shares closed 0.1 percent up at Rs 46.15 apiece on BSE.
