sebi issues notice to axis bank over max life insurance stake acquisition

Axis Bank, along with its subsidiaries Axis Securities Limited and Axis Capital Limited, is currently reviewing a show cause notice issued by Sebi regarding its recent stake acquisition in Max Life Insurance.

The bank is preparing a response asserting that the transactions were conducted with the necessary regulatory approvals.

Max Financial Services Limited, the parent company of Max Life Insurance, has also confirmed that several current and former directors, as well as key managerial personnel, have received similar notices from Sebi.

Earlier this year, Axis Bank's board approved a proposal to increase its stake in Max Life from 19.02% to 19.99%, a move that was sanctioned by the Insurance Regulatory and Development Authority of India (IRDAI), allowing Axis entities to collectively hold up to 20% in the insurance firm.

Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

Machinary offers a groundbreaking, modular, and customizable solution that provides advanced financial news and statistical analysis. Our platform goes beyond traditional quantitative analysis, offering users a comprehensive understanding of real-time market dynamics, event detection, and risk analysis.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings