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SEBI seeks response from three banks on bad loan divergence
The Securities and Exchange Board of India (Sebi) has asked three private sector banks – Yes Bank, Axis Bank and ICICI Bank, for an explanation after they reported bad loans that diverged widely from the assessment of the Reserve Bank of India (RBI).

The National Stock Exchange of India Ltd has also sought an explanation from Yes Bank on the divergence and may additionally seek responses from Axis Bank and ICICI Bank.
Yes Bank replied by stating that it has complied with all relevant listing regulations and adhered to the RBI circular. Axis Bank also stated that it had responded to Sebi’s queries. ICICI Bank has not yet made any statement regarding the divergence.

The Bombay Stock Exchange has incidentally found the disclosures made by the three banks in their annual reports to be adequate.

As per Sebi’s listing obligation and disclosure requirement norms, all material information needs to be disclosed and any variation in numbers needs to be qualified by auditors followed by an explanation from the management and the opinion of the auditor. Experts said the issue of different interpretation of disclosures by the two exchanges is based on audit reports not being qualified.
Posted on: 2017-06-11 18:29:08





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