GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Fraud-hit PNB Rapped For Not Making Timely Regulatory Disclosures

The compliance and monitoring arm of the Securities and Exchange Board of India (SEBI), in a letter on May 15, noted delays of one to six days on the part of the lender in making disclosures about the fraud, PNB said in a securities filing on Thursday.

Reuters

Updated:May 17, 2018, 4:22 PM IST
facebookTwittergoogleskypewhatsapp
Fraud-hit PNB Rapped For Not Making Timely Regulatory Disclosures
File photo of a Punjab National Bank branch.
Loading...
Mumbai: India's state-owned Punjab National Bank (PNB) has received a warning letter from the country's markets regulator for failing to make timely disclosures to the stock exchanges about a sprawling $2 billion fraud.

The compliance and monitoring arm of the Securities and Exchange Board of India (SEBI), in a letter on May 15, noted delays of one to six days on the part of the lender in making disclosures about the fraud, PNB said in a securities filing on Thursday.

PNB, India's second-largest state-run bank, said in February two jewellery groups had defrauded it of more than $2 billion by raising credit from overseas branches of other Indian banks via illegal guarantees issued by rogue PNB staff over several years.

The bank had initially said it had been defrauded of only 2.8 billion rupees, or about $41.3 million, before going on to disclose what has become the largest ever loan fraud case in Indian banking history.

PNB had filed a police complaint about the fraud on Jan. 29, but disclosed the matter to the regulator only on Feb. 5. Its shares fell more than 10 percent between that period.

In its letter, the securities regulator said it viewed the non-compliance "seriously" and warned PNB to be "cautious in future to ensure compliance".
| Edited by: Huma Tabassum
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,088.65 -5.44
Indiabulls Hsg 679.55 -13.83
Yes Bank 216.20 -6.77
Dewan Housing 213.10 -9.67
IndusInd Bank 1,597.00 -0.43
Company Price Change %Gain
Sudarshan Chem 390.70 4.15
Reliance 1,091.00 -5.04
Indiabulls Hsg 679.00 -13.93
Cipla 627.45 -1.98
Dewan Housing 212.85 -9.92
Top Gainers
Company Price Change %Gain
ITC 287.65 0.42
HUL 1,569.35 0.47
Asian Paints 1,286.65 2.20
GAIL 356.05 3.10
Wipro 320.30 -0.88
Company Price Change %Gain
Asian Paints 1,286.80 2.44
NTPC 163.95 0.74
Sun Pharma 599.00 0.94
HUL 1,569.00 0.51
HDFC 1,746.60 0.59
Top Losers
Company Price Change %Gain
Indiabulls Hsg 679.55 -13.83
Yes Bank 216.20 -6.77
Bajaj Finance 2,071.95 -3.65
Adani Ports 309.50 -1.40
BPCL 281.70 -1.21
Company Price Change %Gain
Yes Bank 216.20 -6.71
Reliance 1,091.00 -5.04
Infosys 681.25 -3.30
Hero Motocorp 2,729.85 -3.03
Tata Motors 174.90 -2.40

Live TV

Loading...
Loading...