New Delhi: The market regulator Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 10 lakh each on the public sector State Bank of India (SBI) and Bank of Baroda. This penalty has been imposed for violating mutual fund rules. Both banks have told about this in the information given to the stock markets.
The SBI informed the stock market that the Securities and Exchange Board of India (SEBI) has failed to comply with the directives issued by UTI AMC Limited, UTI Trustee Company Private Limited regarding non-compliance with the instructions to hold equity shares above the prescribed limit. A fine of Rs 10 lakh has been imposed. Bank of Baroda has told in the information given to the stock market, "SEBI has imposed a fine of Rs 10 lakh for violating the 7B regulation of the Mutual Fund Regulations, 1996." The penalty has been imposed for non-compliance of instructions issued by SEBI for holding equity shares of UTI Asset Management Company Limited and UTI Trustee Company Private Limited beyond the prescribed limit.
Both the banks have said that the full-time member of SEBI had instructed them to follow the guideline on or before 31 December 2020.
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