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The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs25 crore on Yes Bank Ltd for perpetrating fraudulent acts on its customers by influencing them to alter their investment positions from fixed deposits (FD) to risky additional tier-1 (AT-1) bonds. Three former senior executives of Yes Bank who were part of the private wealth management group in the bank were also fined Rs50 lakh to Rs1 crore by SEBI. 
 
SEBI’s investigation found that Yes Bank had misrepresented the AT-1 bond product as a ‘Super FD’ and ‘as safe as an FD’. The term sheet was also not shared with many investors and no confirmation was taken from the customers on their understanding of the product’s features and the risks associated with the bond. ....

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