Yes Bank Moneycontrol – Yes Bank Gets Big Relief From SAT, Stock Boom – On Monday, the shares of the private sector’s famous Yes Bank saw an increase of up to 4 percent. This rise within the stock has come after a serious relief from the Bank of Securities Appellate Tribunal (SAT). The SAT has put a stay the choice of market regulator SEBI for the nonce .
In fact, SEBI was fined Rs 25 crore within the AT-1 (Additional Tier 1) bond case to Yes Bank. SEBI also imposed a penalty of Rs 25 crore on Yes Bank along side three of its officers. In this, Vivek Kanwar was fined Rs 1 crore, Ashish NASA and Jasjeet Singh with a fine of Rs 50 lakh.
Yes Bank Moneycontrol – Yes Bank Gets Big Relief From SAT, Stock Boom
But now the SAT has stopped the choice of SEBI. thanks to which, the bank won’t need to pay a fine of Rs 25 crore at the instant . SEBI had imposed this fine on the bank on charges of cheating customers. Sebi says that Yes Bank didn’t inform customers about its risk factor while selling AT-1 bonds within the secondary market.
Giving an instantaneous relief to Yes Bank, the SAT has sought a reply from SEBI on the matter within the next 4 weeks. At an equivalent time, after three weeks, Yes Bank has been asked to present its stand on the reply of SEBI. The matter has been deferred till July 31 for subsequent hearing.
The SAT said in its order that initially sight we found that the danger of AT-1 bonds has been given on the web site , and it had been known to everyone. On this basis, an interim ban has been imposed on the penalty.
However, the SAT said that if Yes Bank’s side proves to be wrong, then it’ll need to pay the fine within fortnight . After the news of this relief, the shares of the bank rose by 4 per cent during trading on Monday, at the top of the business, the stock climbed 3.75 per cent to shut at Rs 13.85.