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.