HDFC Bank penalizes its manager for inadvertently selling shares

HDFC Bank penalizes its manager for inadvertently selling shares

HDFC Bank.

The country’s largest lender, HDFC Bank, said on Saturday it had fined its top executive Jimmy Tata 10.20 lakh for selling his shares in violation of insider trading regulations. Tata, the credit manager, sold 1,400 shares of the bank he owned in what the lender called an “inadvertent transaction”.

“The audit committee concluded that this was an inadvertent transaction carried out with no intention of violating the bank’s share trading code (bank code) or SEBI regulation (prohibition of transactions insider), 2015 (PIT regulation), ”the exchange lender informed in a regulatory filing.

The panel determined that there had been a violation of the banking code and the PIT regulations and imposed a penalty of Rs 10.20 lakh on Tata, he added. The amount will be paid to the Investor Protection and Education Fund (IPEF) in accordance with the PIT regulation, he added.

Tata took on the role of Credit Manager last month, having served as …

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