SEBI News: Private sector lender Bandhan Bank said on October 12, 2018, has got an exception from the market controller, SEBI, on one year secure period for offering shares by promoters. A month ago, the Reserve Bank of India (RBI) restrained the loan specialist from opening new branches and furthermore froze compensation of its CEO Shekhar Ghosh for not meeting the licensing conditions.
Bandhan Bank said in a stock trade filing, “In continuation to our intimation dated September 28, 2018, it is hereby informed that the Bank has received an exemption from the Securities and Exchange Board of India with respect to (i) lock-in of one year on the equity shares held by the promoter; and (ii) eligibility condition of one year from listing.”
Prior, the RBI had refused Bandhan Bank from opening new branches without endorsement and furthermore requested the private sector lender to solidify CEO Chandra Shekhar Ghosh’s pay over its inability to meet shareholding rules.
In a recording of SEBI news to trades on October 12, 2018, it said: “the Bank has received an exemption from the SEBI with respect to the lock-in of one year on the equity shares held by the promoter and eligibility condition of one year from listing”. Miniaturized finance organization Bandhan was given contingent endorsement by the RBI for setting up all-inclusive banks in April 2014. The bank wound up operational in 2015.
“RBI has communicated to us that since the bank was not able to bring down the shareholding of non operative financial holding company to 40 percent, as required under the licensing condition, general permission to open new branches stands withdrawn and the bank can open branches with prior approval of RBI and the remuneration of the MD and CEO of the bank stands frozen at the existing level, till further notice,” the bank had said statement on BSE to Financial Express. Bandhan Bank shares shut at Rs 464.85 on NSE this evening.
As per SEBI news the quarter finished September 30, 2018, the bank announced a 47.4 percent development in its net benefit at Rs 488 crore in the quarter finished September, helped by higher development in premium salary. Its benefit after assessment remained at Rs 331 crore in a similar quarter a year ago, according to the report of Business Today.
The post SEBI News: Bandhan Bank Receives SEBI Exemption With Respect To Regulatory Requirement appeared first on OWLT Market.
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