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 onVivek Kanwar, whowas the Managing Director of Yes Bank, Rs 50 lakh each onAshish Nasa and Jasjit Singh Banga, who werepart of the bank's 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 Ltd (YBL) and certain officialsdevised the "devious scheme to dump the AT-1 (Additional Tier-1) bonds on their hapless customers", the regulator noted.