REG - Axis Bank Ltd Axis Bank Ltd (144A) - RBI Penalty

Axis BankAnnouncement

13/02/2025 13:00

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RNS Number : 0605X  Axis Bank Limited  13 February 2025

 

 

AXIS/CO/CS/640/2024-25

 

February 13, 2025

 

 

Dear Sir/Madam,

 

Sub.: Disclosure under Regulation 30 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

 

This is to inform you that Foreign Exchange Department, Reserve Bank of India
vide its Order and e-mail dated February 12, 2025, has imposed a compounding
penalty of Rs. 37,32,505/- (Rupees Thirty Seven Lakhs Thirty Two Thousand Five
Hundred and Five only) for contravention of Regulation 14(6)(ii)(a) of Foreign
Exchange Management (Transfer or Issue of Security by a Person Resident
Outside India) Regulations, 2000, Regulation 13.1(11) of Foreign Exchange
Management (Transfer or Issue of Security by a Person Resident Outside India)
Regulations, 2017 and Rule 23 (1) of Foreign Exchange Management (Non-Debt
Instruments) Rules, 2019.

 

The relevant information is attached as Annexure A.

 

This is for your information and records.

 

Thanking You.

 

Yours faithfully,

For Axis Bank Limited

 

 

 

Puneet Sharma

Chief Financial Officer

Encl.: As above.

 

CC: London Stock Exchange

        Singapore Stock Exchange

 

 

Annexure A

 

 Sr No  Particulars                                                                 Details
 1      Name of the Authority                                                       Reserve Bank of India
 2      Nature and details of the action(s) taken, initiated or order(s) passed     Contravention of Regulation 14(6)(ii)(a) of Foreign Exchange Management
                                                                                    (Transfer or Issue of Security by a person resident outside India)
                                                                                    Regulations, 2000, Regulation 13.1(11) of Foreign Exchange Management
                                                                                    (Transfer or Issue of Security by a Person Resident Outside India)
                                                                                    Regulations, 2017 and Rule 23 (1) of Foreign Exchange Management (Non-Debt
                                                                                    Instruments) Rules, 2019.
 3      Date of receipt of direction or order, including any ad-interim or interim  February 12, 2025.
        orders, or any other communication from the authority
 4      Details of the violation(s)/ contravention(s) committed or alleged to be    (i)  Delay in reporting of downstream investment by the Bank under Regulation
        committed                                                                   14(6)(ii)(a) of Foreign Exchange Management (Transfer or Issue of Security by
                                                                                    a person resident outside India) Regulations, 2000 and Regulation 13.1(11) of
                                                                                    Foreign Exchange Management (Transfer or Issue of Security by a Person
                                                                                    Resident Outside India) Regulations, 2017.

                                                                                    (ii) Non-compliance with the applicable pricing guidelines while acquiring
                                                                                    equity stake in another Indian company under Rule 23 (1) of Foreign Exchange
                                                                                    Management (Non-Debt Instruments) Rules, 2019.
 5      Impact on financial, operation or other activities of the listed entity,    Compounding penalty levied amounting to          Rs. 37,32,505/-.
        quantifiable in monetary terms to the extent possible

                                                                                    The Bank does not expect any material impact on financial, operation or other
                                                                                    activities of the Bank due to the said order.

 

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