Sebi warns Canara Bank
Mumbai: Market regulator SEBI today warned
state-owned Canara Bank against recurrence of late acceptance
of applications in public issues where it is the banker.
In an investigation, SEBI found that there were numerous
instances of late acceptance of applications by the share
processing cell of Canara Bank in the public issue of Fine
Agromatics Limited that had hit the capital market in 1995.
In fact, SEBI in its order said that the violations by
the bank calls for a penalty but disposed of the case by only
warning the bank.
"Canara Bank (Bankers to an issue) is hereby warned for
the aforesaid violations committed by it," Securities and
Exchange Board of India said.
The regulator said that the bankers to an issue has a
prominent role to play in the public issue as it deals with
the public in general.
"The bank should not lose focus on the statutory duties
prescribed under the regulations while functioning as a banker
to an issue," the order said adding Canara Bank being a public
sector bank should have been all the more careful in
Fine Agromatics Limited had come out with a public issue
of 30,00,000 equity shares of Rs 10 each for cash at par on
November 27, 1995.
More from India
More from World
More from Sports
More from Entertaiment
- PM Narendra Modi's speech at Heart of Asia conference
- Aware of Chinese submarine deployment at Balochistan's Gwadar port, says Navy chief
- Like SAARC, should India boycott Pak in Heart of Asia conference?
- 'Heart of Asia' Conference begins in Amritsar; Sartaj Aziz to pay a visit on Sunday
- Iraqi army inches close to Baghdadi in Mosul- Report
- Rs 14,000 crore default case: Gujarat businessman detained, says money belongs to politicians, babus
- LIVE: Jayalalithaa's condition critical after suffering cardiac arrest, huge crowd gathers outside Apollo hospital
- Newly-wed couple Yuvraj Singh and Hazel Keech perform `bhangra` at Goa airport – Viral video
- Gujarat man who disclosed Rs 14,000 crore unaccounted wealth goes missing
- RBI to issue new Rs 20, Rs 50 notes; old notes to remain legal tender