Former Yes Bank CEO, Rana Kapoor is under Judicial Custody with a fine of ₹1 crore by SEBI

SEBI has imposed a fine of ₹1 crore on former Yes Bank managing director and CEO Rana Kapoor for violating disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd.

SEBI has imposed a fine of ₹1 crore on former Yes Bank managing director and CEO Rana Kapoor for violating disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd. Morgan Credits Pvt Ltd. is an unlisted promoter entity of Yes Bank.

SEBI took an examination in the matter about possible requirements of disclosure in view of the transaction by Morgan Credits of raising ₹950 crores from Reliance Mutual Fund through unlisted zero-coupon non-convertible debentures on April 19, 2018, as reported by NDTV.

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Adjudicating Officer Amit Pradhan said, “I am of the considered opinion that the deliberate defiance of mandatory obligations and hiding the crucial and material information as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence.”

Rana Kapoor is in judicial custody in connection with a money-laundering probe by the Enforcement Directorate.