Market valuation of 5 of top 10 most-valued firms tumble over Rs 1.85 trillion
The combined market valuation of five of the top-10 most-valued firms tumbled Rs 1,85,952.31 crore last week.
The leader in private sector lenders, HDFC Bank, has received an administrative warning from capital market regulator Securities and Exchange Board of India (Sebi), the bank informed through a company filing on Monday.
The warning from the regulator comes over a three-day delay in disclosing the resignation of Arvind Kapil – head of mortgage business – in March this year.
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According to the Sebi’s letter to the HDFC Bank on December 10, the regulator took note of the violations seriously and said, “You are, therefore, warned to be careful in the future and advised to exercise due caution in future and avoid recurrence of such instances, failing which appropriate enforcement action may be initiated.”
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“You are advised to take corrective steps, to place this communication and the corrective steps before the Board of Directors and disseminate a copy of the communication on the website of BSE and NSE,” Sebi’s letter added.
Sebi had issued an administrative another warning too in early December to HDFC Bank alleging non-compliances with certain merchant banking rules, as revealed in an observation after an internal inspection, the lender had informed on December 12.
In the appointement matter, the board of HDFC Bank on March 28 approved the appointment of Sumant Rampal as Group Head – Mortgage Business with immediate effect in place of Arvind Kapil, in a communication to the stock exchange.
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