Latest News | HDFC Bank Penalises Its Executive for Inadvertently Selling Shares
Get latest articles and stories on Latest News at LatestLY. The country's largest lender HDFC Bank on Saturday said it has imposed a penalty of Rs 10.20 lakh on its senior executive Jimmy Tata for selling his shares in violation of insider trading regulations.
Mumbai, Jan 16 (PTI) The country's largest lender HDFC Bank on Saturday said it has imposed a penalty of Rs 10.20 lakh on its senior executive Jimmy Tata for selling his shares in violation of insider trading regulations.
Tata, the chief credit officer, sold 1,400 shares of the bank held by him in what the lender termed as an "inadvertent trade".
"The Audit Committee has concluded that this was an inadvertent trade made without intent to violate the Bank's Share Dealing Code (Bank's Code) or the SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations)," the lender informed the exchanges in a regulatory filing.
The panel has determined that there was a violation of the Bank's Code and PIT Regulations and imposed a penalty of Rs 10.20 lakh on Tata, it added.
The amount shall be remitted to the Investor Protection & Education Fund (IPEF) in line with the PIT Regulations, it added.
Tata took on the role of chief credit officer last month, after officiating as the bank's chief risk officer.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)