sebi:Order/SM/MG/2021-22/11306-11309
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Facts / Headnote
Violations established against Noticees 1 to 4; penalties imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 15I
- s. 15J
- s. 11C
- s. 15F
- s. 28A
- s. 45
- s. 4(2)
Regulations
- Reg. 3
- Reg. 4(2)
- Reg. 3(a)
- Reg. 4(2)(s)
Parties
- YES Bank Limited (Noticee 1)
- Mr. Rana Kapoor (Noticee 2)
- Mr. Vivek Kanwar (Noticee 3)
- Mr. Ashish Nasa (Noticee 4)
- Mr. Jasjit Singh Banga (Noticee 5)
Holding
The Adjudicating Officer held that Noticees 1 to 4 violated Regulations 3(a), 3(c), 3(d) and 4(1) of PFUTP Regulations and Sections 12A(b) & 12A(c) of the SEBI Act, and Noticees 1 and 2 also violated Regulation 4(2)(s) of PFUTP Regulations, read with Explanation (1) to Regulation 4(2), by engaging in fraudulent mis-selling of AT1 bonds to retail investors. Penalties were imposed: Rs. 25 crores on YES Bank Limited, Rs. 1 crore on Mr. Vivek Kanwar, Rs. 50 lakhs each on Mr. Ashish Nasa and Mr. Jasjit Singh Banga, and Rs. 1 crore on Mr. Rana Kapoor.
Full text
___________________________________________________________________ Page 2 of 61 Name of Complainant Date of Complaint Amount of investment (Rs) Allegation by complainant Shri Hari Prakash 18/11/2020
___________________________________________________________________ Page 3 of 61 investigation, SEBI issued an adjudication show cause notice to the following entities: YBL (‘Noticee 1’), Mr. Rana Kapoor (‘Noticee 2’), Mr. Vivek Kanwar (‘Noticee 3’) who was the head of Private Wealth Management Team (hereinafter referred to as ‘PWM Team’), Mr. Ashish Nasa (‘Noticee 4’) and Mr. Jasjit Singh Banga (‘Noticee 5’).
___________________________________________________________________ Page 4 of 61 transfer of Shri B. J. Dilip, the undersigned was appointed as AO by SEBI vide
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Source: SecMarx — sebi:Order/SM/MG/2021-22/11306-11309. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.