Axis Bank Ltd.

SEBI has imposed a fine of Rs 5 lakh on Axis Bank for violation of merchant banker regulations. Axis Bank is registered as a merchant banker with the Securities and Exchange Board of India (Sebi).

The regulator had conducted an examination of the debt capital market operations of Axis Bank during the August 2016 to August 2019 period. It was observed that Axis Bank (noticee) had acted as the merchant banker in respect of 22 public issuances of debt of various companies during the given period. During that time, it had also acquired securities in respect of 9 public issues of debt made by the said companies.

However, Axis Bank failed to make the requisite disclosures under the merchant bankers regulations following which Sebi has imposed a penalty on the entity.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.