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Mint
2 days ago
- Business
- Mint
Sebi slaps ₹10 lakh fine on entity for insider trading during HDFC merger
New Delhi: Capital markets regulator Sebi on Tuesday levied a fine of ₹ 10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger. Sebi found that Rupesh Satish Dalal HUF had traded in derivatives of both HDFC entities on April 1, 2022 -- just days before the official announcement of the merger between HDFC Ltd and HDFC Bank on April 4, 2022. Rupesh Satish Dalal is the karta of Rupesh Satish Dalal HUF. The regulator's probe revealed that Dalal had received UPSI through his son, who was in close and regular contact with a person (individual) who was an insider associated with Deloitte. Deloitte Touche Tohmatsu India LLP was engaged as the valuer for the merger exercise and the individual was part of the valuation team from March 29, 2022. The individual and Dalal's son were long-time friends and exchanged several calls in the run-up to the trades. Sebi also noted that a meeting between the two took place on March 31, a day before Dalal placed the trades. Sebi said the noticee (Rupesh Satish Dalal HUF) bought multiple call option contracts of HDFC Ltd and HDFC Bank Ltd on April 1, 2022, while being in possession of the UPSI. The regulator noted that once the information regarding the impending merger was disclosed, Rupesh Satish Dalal HUF immediately exited his positions on the same very date, i.e., on April 4, 2022. Thus, it is established that Rupesh Satish Dalal HUF has violated PIT (Prohibition of Insider Trading) regulations. The order came after NSE analysed the trading activity of various entities in the scrip of HDFC Ltd and HDFC Bank Ltd. Further, the bourse observed that the trading of certain clients including Rupesh Satish Dalal HUF pointed to the possibility of trading on the basis of UPSI. Consequently, the matter was forwarded to the Securities and Exchange Board of India (Sebi) for investigation. The period was from November 01, 2021 to April 30, 2022.
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Business Standard
2 days ago
- Business
- Business Standard
Sebi fines HUF ₹10 lakh for 'insider trading' in HDFC merger shares
Capital markets regulator Sebi on Tuesday levied a fine of ₹10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger. Sebi found that Rupesh Satish Dalal HUF had traded in derivatives of both HDFC entities on April 1, 2022 -- just days before the official announcement of the merger between HDFC Ltd and HDFC Bank on April 4, 2022. Rupesh Satish Dalal is the karta of Rupesh Satish Dalal HUF. The regulator's probe revealed that Dalal had received UPSI through his son, who was in close and regular contact with a person (individual) who was an insider associated with Deloitte. Deloitte Touche Tohmatsu India LLP was engaged as the valuer for the merger exercise and the individual was part of the valuation team from March 29, 2022. The individual and Dalal's son were long-time friends and exchanged several calls in the run-up to the trades. Sebi also noted that a meeting between the two took place on March 31, a day before Dalal placed the trades. Sebi said the noticee (Rupesh Satish Dalal HUF) bought multiple call option contracts of HDFC Ltd and HDFC Bank Ltd on April 1, 2022, while being in possession of the UPSI. The regulator noted that once the information regarding the impending merger was disclosed, Rupesh Satish Dalal HUF immediately exited his positions on the same very date, i.e., on April 4, 2022. Thus, it is established that Rupesh Satish Dalal HUF has violated PIT (Prohibition of Insider Trading) regulations. The order came after NSE analysed the trading activity of various entities in the scrip of HDFC Ltd and HDFC Bank Ltd. Further, the bourse observed that the trading of certain clients including Rupesh Satish Dalal HUF pointed to the possibility of trading on the basis of UPSI. Consequently, the matter was forwarded to the Securities and Exchange Board of India (Sebi) for investigation. The period was from November 01, 2021 to April 30, 2022. In December last year, Two individuals, including a former employee of Deloitte India, settled with capital markets regulator Sebi a case pertaining to the alleged violation of insider trading rules by paying ₹74 lakh towards settlement fee. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
2 days ago
- Business
- Time of India
Sebi slaps Rs 10 lakh fine on entity for insider trading during HDFC-HDFC Bank merger
Synopsis Capital markets regulator Sebi on Tuesday levied a fine of Rs 10 lakh on an entity for trading in the shares of HDFC Ltd and HDFC Bank while in possession of unpublished price sensitive information (UPSI) related to their merger.
Time of India
15-07-2025
- Business
- Time of India
HDFC Bank board sets up oversight panel to monitor governance framework in subsidiaries
Mumbai: HDFC Bank chairman Atanu Chakraborty said the bank has strengthened governance frameworks across its key subsidiaries as it adapts to its expanded role as a financial conglomerate following the merger with HDFC Ltd. Tired of too many ads? go ad free now 'In order to address our enhanced stature as a financial conglomerate, we have strengthened our oversight on the group companies,' Chakraborty said in the bank's FY25 annual report. These include HDB Financial Services, HDFC Life Insurance, HDFC Asset Management, HDFC ERGO General Insurance, and HDFC Securities. A dedicated Group Oversight Department now monitors the implementation of the governance framework and reports to one of the executive directors. 'This function also briefs the Board of Directors on critical updates, if any, regarding the group companies,' he added. Four of these five subsidiaries—HDFC Life, HDFC AMC, HDFC ERGO, and HDB Financial Services—are now publicly listed. 'The IPO [of HDB Financial Services] was successfully concluded in the first quarter of the current financial year,' the chairman said, calling it 'another milestone for the group.' HDFC Bank was designated a Domestic Systemically Important Bank (D-SIB) and recalibrated its internal systems accordingly. 'We undertook a significant transformation of our compliance function, reinforcing our commitment to governance, transparency and regulatory excellence,' Chakraborty said. FY25 marked the first full year of operations for the combined HDFC Bank-HDFC Ltd entity. 'It now stands strengthened, much bigger in scale, broadened in capability and more unified in purpose,' he said. Tired of too many ads? go ad free now The merger brought together diverse businesses spanning life and general insurance, mutual funds, securities, and retail finance under one group. On future prospects, the chairman said, 'We are well positioned to take advantage of the realignments in international trade flows and supply chains that are now unfolding.' He added that India's economy is likely to grow 6.5% or more, supported by stable macroeconomic policies, rural demand, and potential rate cuts. The bank continues to invest in technology. 'GenAI presents a generational transformation opportunity and responsibility,' Chakraborty said, while stressing the need for 'appreciation of risk, reliability and information security.' Net profit for FY25 rose 10.7% to Rs 67,347.4 crore, while gross NPAs were contained at 1.33%. A dividend of Rs 22 per share has been proposed. 'The bank has a clear roadmap for growth anchored on values that have served the group well for over four decades,' he said.
Time of India
08-07-2025
- Business
- Time of India
Credit growth takes a beating in first quarter
Mumbai: Credit growth was muted for Indian banks in the June quarter, with private lenders reporting less than half the pace from the same period last year, according to proforma figures. HDFC Bank 's loan book expanded by just 6.7% in Q1FY26 reaching ₹26.53 lakh crore compared to 14.9% a year earlier (excluding merger impact with HDFC Ltd). Yes Bank posted loan growth of 5.1% in the June quarter taking its loan book to ₹2.41 lakh crore, down from 14.8%, while IDBI Bank recorded 9.2% growth to ₹2.11 lakh crore versus 17.3% in the same quarter last year. As per provisional numbers released by lenders, Bandhan Bank grew its loan book by 6.4% to ₹1.33 lakh crore, down from a growth of 21.8% recorded in the June quarter of last year. RBL Bank also grew its book by 9.3% to ₹96,704 crore versus last year's quarter. "1QFY26E is going to be a tough quarter for banks; the market largely expects results to be weak across the space," said Suresh Ganapathy, head of financial services research at Macquarie Capital. "Going by the system loans and deposits data, QoQ numbers so far have been flat. On a YoY basis, system loan growth has been sub 10% and deposit growth, a tad above 10%. On a YoY basis, we expect loan growth to be weak." Though PSU banks performed a tad better than private banks as they were more aggressive in pricing loans. Bank of Baroda posted a growth of 12.6% in its advances to ₹12.07 lakh crore in the June 2025 quarter versus a growth of 8.1% in the same period last year. Punjab National Bank said it grew loans at 9.9% to ₹11.30 lakh crore versus a rise of 12.7% in the same period last year. While Bank of India grew loans at 11.9% to ₹6.71 lakh crore versus 15.8% growth registered in the same period last year. " Public sector banks are outpacing private sector banks by more than 4% across multiple segments like mortgages, corporate loans as well as several non-mortgage retail segments such as auto loans," said Pranav Gundlapalle, head of India financials at Bernstein. A slowdown in bank credit growth is also due to corporates increasingly tapping capital markets for cheaper and faster access to funds, which led to a 32.9% surge in resource mobilisation. RBI data shows corporate bond net outstanding increased to ₹53.6 lakh crore at the end of March 2025, supported by the highest-ever fresh issuance of ₹9.9 lakh crore during 2024-25. Funds raised through capital markets rose to ₹15.7 lakh crore at the end of March 2025, from ₹11.8 lakh crore a year earlier. Meanwhile, bank lending to industry slowed to just 6.9% in FY25, indicating how Indian corporates are steadily diversifying their funding sources. "A sustained soft demand for wholesale credit and the growing role of alternative funding sources such as bonds and external commercial borrowings have intensified competition (on rates)," said Soumyajit Niyogi, Director - Core Analytical Group, India Ratings. "The robust corporate cash flows have also reduced the need for working capital financing."
