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MUMBAI: The Securities Appellate Tribunal (SAT) has stayed the regulator s Rs 25 crore fine on
YES Bank in the case of mis-selling of additional Tier 1 (AT1) bonds to investors. The tribunal has given Sebi four weeks to respond and has posted the matter for a final hearing on July 30.
Last month, Sebi had found YES Bank and three of its employees, including its then private wealth management head, guilty of mis-selling these bonds to retail investors and had imposed a Rs 25 crore fine on the bank. The head of the wealth management was fined Rs 1 crore while two other employees were fined Rs 50 lakh each.
Market regulator Security Exchange Board of India (SEBI) has imposed a penalty of Rs 25 crore on Yes Bank for allegedly mis-selling its AT-1 bonds. The private lender said that it will move the Securities Appellate Tribunal against the SEBI s order.