AXIS/CO/CS/640/2024-25
February 13, 2025
| | |
Dear Sir/Madam,
Sub.: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is to inform you that Foreign Exchange Department, Reserve Bank of India vide its Order and e-mail dated February 12, 2025, has imposed a compounding penalty of Rs. 37,32,505/- (Rupees Thirty Seven Lakhs Thirty Two Thousand Five Hundred and Five only) for contravention of Regulation 14(6)(ii)(a) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, Regulation 13.1(11) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 and Rule 23 (1) of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019.
The relevant information is attached as Annexure A.
This is for your information and records.
Thanking You.
Yours faithfully,
For Axis Bank Limited
Puneet Sharma
Chief Financial Officer
Encl.: As above.
CC: London Stock Exchange
Singapore Stock Exchange
Annexure A
| Sr No | Particulars | Details |
| 1 | Name of the Authority | Reserve Bank of India |
| 2 | Nature and details of the action(s) taken, initiated or order(s) passed | Contravention of Regulation 14(6)(ii)(a) of Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2000, Regulation 13.1(11) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 and Rule 23 (1) of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019. |
| 3 | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | February 12, 2025. |
| 4 | Details of the violation(s)/ contravention(s) committed or alleged to be committed | (i) Delay in reporting of downstream investment by the Bank under Regulation 14(6)(ii)(a) of Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2000 and Regulation 13.1(11) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017. (ii) Non-compliance with the applicable pricing guidelines while acquiring equity stake in another Indian company under Rule 23 (1) of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019. |
| 5 | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Compounding penalty levied amounting to Rs. 37,32,505/-.
The Bank does not expect any material impact on financial, operation or other activities of the Bank due to the said order. |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.