Collaboration with Sebi on Yes Bank AT1 Bond issue, says Nippon India MF

Nippon Life India Asset Management (NAM) on Friday said the company and its executives are constantly working alongside its legal advisors to assist the Securities and Exchange Commission of India (Sebi) market regulator with any queries in the matter relating to the asset manager’s investment. In Yes Bank AT1 bonds.

Sebi launched an investigation into the NAM’s investment in bonds – formerly known as the Mutual Credit Fund – which was influenced by its former promoter Anil Ambani Reliance Capital led by Reliance Capital. NAM has invested Rs 2,500 crore in Yes Bank AT1 Bonds.

“Sebi has requested from the Company and its executives certain information in connection with the above investment in addition to information relating to certain third parties, as may be available with us,” NAM said in a statement.

According to reports, NAM CEO Sandeep Seka is also under scrutiny for Sebi’s role.

AT bonds are perpetual bonds with no maturity date. Yes, the bank’s AT1 bonds were reduced to zero in March 2020 as part of the government’s approved restructuring plan for the insolvent lender. This has resulted in losses for many investors.

Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

Leave a Reply

Your email address will not be published. Required fields are marked *