Sebi disposes of charges against Karur Vysya Bank

live bse live nse live Volume Todays L/H More × Markets regulator Sebi today disposed of the charges against private player Karur Vysya Bank as it did not find any violation of shareholding disclosure norms. It was alleged that the bank's shareholding had aggregated to 5.91% (crossed 5% ceiling) in Arvind Remedies on October 15, 2014. Further, it was alleged that the lender had 9.29% stake in the company on January 27, 2015, which is more than 5% and subsequently changed by over 2%. On both the occasions, the bank allegedly did not make disclosure about this to the stock exchanges and violated SAST (Substantial Acquisition of Shares and Takeovers) and PIT (Prohibition of Insider Trading) norms. A probe conducted by Sebi found that Karur Vysya Bank invoked 7500000 shares between September and February 2015. The bank was invoking the pledged shares in tranches on various dates and, was immediately or shortly afterwards, selling them. "Accordingly, I find that the shareholding of the noticee (the bank) was constantly fluctuating and the same ranged between 1.51% to nil during the period". It is noted that the highest shareholding of the bank was on October 8, 2014 and October 15, 2014, when it held 2.94% stake in the company, which is much below the threshold of 5% specified under the SAST and PIT Regulations.