Mutual fund norms violation: Sebi imposes Rs 10 lakh fine on Bank of Baroda

New Delhi: Bank of Baroda on Monday said capital markets regulator Sebi has imposed a fine of Rs 10 lakh on the bank for violating mutual fund regulations.

"The Securities and Exchange Board of India (Sebi) in exercise of power...has imposed penalty aggregating to Rs 10 lakh on the bank for non-compliance of Regulation 7B of Sebi (Mutual Fund Regulations), 1996 with the directions issued by Sebi in the case of holding, more than prescribed limit, equity shares of UTI Asset Management Company Ltd and UTI Trustee Pvt Ltd," Bank of Baroda said in a regulatory filing.

Whole time member of the Sebi had earlier directed the bank to comply with the guidelines on or before December 31, 2020, the filing said.

Bank of Baroda shares closed 0.11 per cent up at Rs 46.15 apiece on BSE.