Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.55 lakh on Edelweiss Financial Services’ wholly owned subsidiary -- Nido Home Finance (Nido), for change in its shareholding due to progressive increases over time, resulting in acquisition of shareholding beyond the permitted limit by the Group Companies, without obtaining the prior approval of the RBI. The order was received by Nido on September 15, 2023.
Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments - agency business and holding company activities.
