Sebi drops Rs 3,912-cr probe against Max Fin, Axis Bank
Sebi has dropped proceedings against Max Financial and its associates. Allegations of disclosure lapses and a fraudulent scheme were not proven. The market regulator cleared Max Financial founder Analjit Singh and executives. Sebi investigated transactions between Max Financial, Max Life, and Axis entities. The regulator found no evidence of a fraudulent scheme benefiting Axis.
The Securities and Exchange Board of India (Sebi) has dropped proceedings against Max Financial Services, Max Life Insurance Company, Axis Bank, and other associated entities, concluding that allegations of disclosure lapses and a fraudulent scheme amounting to a ₹3,912-crore loss could not be proven. The investigation, which examined transactions between FY10 and FY22, initially implicated Axis Bank in structuring deals to benefit beyond permissible commission limits and alleged inadequate and delayed disclosures by Max Financial Services.
However, Sebi has now cleared Max Financial founder Analjit Singh and other named executives, stating that the evidence did not support the original allegations. The regulator noted that while the disclosures could have been more comprehensive, the transactions were ultimately found to be without merit.
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- Sebi drops proceedings against Max Financial, Axis Bank in Max Life deal case economictimes.indiatimes.com
