Markets regulator SEBI has given a big relief to Rana Kapoor, former MD and CEO of YES Bank. SEBI has ordered deferment of mutual funds and share holdings along with their bank accounts. Kapoor is currently in judicial custody in connection with the alleged YES Bank scam. He was arrested in March (2020) last year. In March itself, SEBI had banned his bank accounts as well as shares and mutual fund holdings so that Rs 1 crore could be recovered from him.
SEBI imposed a fine of Rs 1 crore on Rana Kapoor
In September 2020, SEBI imposed a fine of Rs 1 crore on Rana Kapoor. This penalty was imposed for non-disclosure related to the transaction of Morgan Credit. Morgan Credit was an unlisted promoter of Yes Bank. In its order, SEBI had said that by not disclosing the transaction to the board of Yes Bank, Kapoor created a layer between himself and the stakeholders and violated the rules of LODR (Listing Obligations and Disclosure Requirements) Regulations.
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After the decision of the Supreme Court, SEBI gave the order
SEBI had made this order to defrost the account after the decision of the Supreme Court. On August 2, the Supreme Court had stayed the order of the Securities Appellate Tribunal (SAT). He imposed a fine of Rs 1 crore on Kapoor. According to the condition of this stay, Rs 50 lakh has to be paid on behalf of Kapoor. SEBI said that Kapoor had deposited this amount following the interim order of the Supreme Court.