Yes Bank bank fraud, former MD Rana Kapoor got relief from SEBI, these instructions were given

The Securities and Exchange Board of India (SEBI) has given relief to Rana Kapoor, the former Managing Director and CEO of Yes Bank. SEBI has directed to remove the ban on shares and mutual funds with the bank accounts of Rana Kapoor. Significantly, Rana Kapoor is currently in judicial custody in the Yes Bank fraud case.

SEBI on Wednesday asked all banks and depositories NSDL and CDSL in the country to lift the ban on Kapoor’s bank accounts-locker, demat accounts and mutual fund folios.

Were arrested last year

Rana Kapoor was arrested in this case in March 2020. Since then he is lodged in Taloja Jail in Mumbai. In March, Sebi had attached Kapoor’s bank accounts, shares and mutual fund folios to recover Rs 1 crore. This step was taken after Kapoor had failed to pay the fine amount.

According to news agency PTI, SEBI in September 2020 imposed a fine of Rs 1 crore on Kapoor for not disclosing on the transactions of Morgan Credit. Morgan Credit is the unlisted promoter unit of Yes Bank.

This order came from the Supreme Court

On August 2 this year, the Supreme Court had stayed the Securities Appellate Tribunal’s (SAT) order that justified a fine of Rs 1 crore on Kapoor. The Supreme Court, in its order, had said that this adjournment would be subject to the payment of Rs 50 lakh by Kapoor. Kapoor has deposited this amount after the interim order of the Supreme Court.

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