India’s market regulator, the Securities and Exchange Board of India (Sebi), has issued an administrative warning letter to HDFC Bank, the largest private-sector bank in the country, for failing to comply with listing regulations. The bank was found to have delayed the notification regarding the resignation of Arvind Kapil, a senior member of its management, by three days.
Moreover, the bank did not provide an explanation for the delay in disclosing this information on April 30, 2024.
In its communication to the bank, Sebi emphasized that the violations were taken seriously and warned the bank to exercise caution in the future. The regulator advised that the bank must be careful to prevent similar occurrences, as failure to do so could lead to appropriate enforcement actions.
In response, HDFC Bank has stated that it will take necessary measures to address the concerns raised by the regulator.
CDSL Shareholders Approve Vora’s Reappointment
Shareholders of Central Depository Services India (CDSL) have approved the resolution for the reappointment of Nehal Vora as Managing Director & CEO. A disclosure from the only listed depository in the country indicated that the ordinary resolution garnered 99.52 percent of votes in favor. Vora’s second five-year term is set to end on September 17, 2029, following regulatory approval from Sebi in a letter dated August 29. CDSL, which manages over 143 million demat accounts, saw its shares close at Rs 1,953, up 0.5 percent, giving the company a market valuation of Rs 40,818 crore.
