The six persons were either a member of the Reputational Risk Management Committee (RRMC) or part of the decision making process in relation to the disclosures made on February 13, 2019
Private sector lender Yes Bank and six persons on Tuesday settled with Sebi a case pertaining to alleged selective disclosure of asset quality, after paying Rs 1.65 crore towards the settlement amount.
Apart from the bank, the six persons who settled the case are -- Ashish Agrawal, Niranjan Banodkar, Sanjay Nambiar, Devamalya Dey, Rajat Monga, and Shivanand Shettigar.
The order comes after the entities approached Sebi to settle the proceedings initiated against them "without admitting or denying the findings of fact and conclusions of law", through a settlement order.
In a settlement order on Tuesday, Sebi said," the instant adjudication proceedings initiated against applicants vide SCN (show-cause notice) dated October 26, 2020, are disposed of".
The regulator conducted an investigation in the affairs of Yes Bank during February 2019 to ascertain the possible violation of provisions of the Sebi Act and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices).
Pursuant to the investigation, Sebi observed certain violations were allegedly committed by the bank and the six persons and issued a show-cause notice to them in this regard in October 2020.
In the show-cause notice, it was alleged that Yes Bank made a selective disclosure on February 13, 2019, highlighting "nil" divergence which had a significant positive impact on the price movement and had not disclosed other issues mentioned in the Risk Assessment Report (RAR) as observed by RBI such as lapses and regulatory breaches in various areas of its functioning.
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