Sebi imposes Rs2 lakh penalty on United Bank

1 min read 11 Sep 2015, 12:58 AM IST

Joel Rebello

United Bank of India has been fined for breaching certain regulations, including acting as a debenture trustee to one of its borrowers

The first notice to the bank in this case was sent on 27 February. Photo: Indranil Bhoumik/Mint

Mumbai: Securities and Exchange Board of India (Sebi) on Thursday imposed a ₹ 2 lakh penalty on Kolkata-based United Bank of India (UBI) for breaching certain regulations, including acting as a debenture trustee to one of its borrowers.

In a 12-page order released on its website, the stock market regulator said the fine was because of “certain deficiencies" in the functioning of UBI. The first notice to the bank in this case was sent on 27 February.

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Published: 10 Sep 2015, 07:26 PM IST

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