Markets regulator Sebi on Monday imposed a penalty of Rs 25 crore on Yes Bank in the matter of misselling the lender’s AT-1 bonds few years ago.
Besides, the watchdog has imposed a fine of Rs 1 crore on Vivek Kanwar, who was the head of the private wealth management team, and Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga. The two individuals were part of the private wealth management team at the time of violation. They need to pay the penalty within 45 days, Sebi said in its order.
Yes Bank, meanwhile, said it will move the Securities Appellate Tribunal against a Rs 25 crore fine imposed by Sebi for allegedly mis-selling its AT-1 bonds.