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Nifty, Sensex may move in a narrow range – Monday closing report Moneylife Digital Team 0 We had mentioned in the previous week’s closing report that Nifty, Sensex may continue to rally. On Monday, the indices opened higher and ended with decent gains. On the NSE, there were 1,199 advances, 795 declines and 85 unchanged.
State Bank of India reported a standalone profit of Rs 6,450.7 crore for the January-March 2021 quarter, compared to a profit of Rs 3,580.81 crore in the corresponding period of the previous financial year (YoY).
JSW Steel reported consolidated net profit at Rs 4,198 crore compared to Rs 231 crore YoY. Sales grew 51% YoY to Rs 26,934 crore. The company has said it will spend over Rs 25,000 crore on projects in Odisha, Karnataka and Jammu & Kashmir. ....
The Securities Appellate Tribunal (SAT) has granted an interim stay on markets regulator Sebi order that had slapped a penalty of Rs 25 crore on Yes Bank in a case of mis-selling AT-1 bonds. Apart from penalising Yes Bank, Sebi in its order in April, 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 the violation. Sebi alleged misrepresentation by the bank and certain officials for not informing investors of the risk involved while selling the AT -1 (Additional Tier-1) bonds in the secondary market. ....
0 In a relief for Yes Bank Ltd in the AT-1 (additional tier-1) bonds case, the Securities Appellate Tribunal (SAT) has imposed an interim stay on an order passed by Securities and Exchange Board of India (SEBI), which had imposed a penalty of Rs25 crore on Yes Bank, and three of its executives Rs1 crore on Vivek Kanwar and Rs50 lakh each on Ashish Nasa and Jasjit Singh Banga.
This is a setback for the hapless AT-1 bond holders, which include retail investors, institutional investors like Indiabulls and 63 moons technologies, who had taken the legal route and complained to SEBI. The investors alleged that they were sold these bonds by the bank on false assurances and hence they need to be compensated by the bank. The case is ongoing in Bombay High Court but both YES Bank and the Reserve Bank of India (RBI) have so far maintained that the AT-1 bond write-off is as per the Basel III rules. ....
6 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. ....