SEBI’s imposition of a measly fine on the veteran banker raises questions on how regulators let companies and their promoters get away with serious violations.
This story is about an extremely well-known and respected figure in financial circles, the head of a systemically important non-banking financial company, who by virtue of his position also happens to be a part of the NBFC’s investment committee, where all the big lending decisions are taken.
In 2012, this NBFC advanced an inter-corporate deposit, the technical term for an unsecured short-term borrowing arrangement between companies, to a real estate company to the tune of Rs 750 crore. An additional Rs 875 crore was extended as a term loan to the same company in 2014. In December 2014, the outstanding …
Jayshree is a former writer at The Morning Context. As journalist, she had nearly a decade of experience across Mint, Business Standard and Bloomberg TV India. The bulk of her career has been devoted to tracking the capital markets regulator, exchanges, regulatory policies, financial scams and corporate governance issues. One of her biggest breaking stories was her incisive coverage of the colocation scam which put the lapses at NSE in the public domain.
jayshree@mailtmc.com