In Tuesday's trading, the shares of many banks have seen a sharp rise. One of these banks that registered a rise has informed after the stock market closed that it has received a warning from SEBI. This bank is Jammu and Kashmir Bank. On Tuesday, the stock closed with a gain of more than 6 percent. After the market closed, the bank said in a letter sent to the stock market that it has received an administrative warning letter from SEBI on January 14. This warning has been given due to non-compliance of SEBI rules.

What information has the bank given?
 

The bank has informed the stock market that SEBI has issued a warning to the bank for non-compliance of the provisions of SEBI Rules 2015. According to the letter of SEBI sent to the bank, Jammu and Kashmir Bank had informed on 25 December 2024 that Amitav Chatterjee has been appointed as the MD and CEO of the bank and his appointment will be effective for 3 years from 30 December 2024. However, SEBI found that the Reserve Bank had approved the appointment of MD and CEO on 24 December itself but its information was given on 25 December. On this basis, the bank did not fulfill the disclosure rules related to change in management. The investigation revealed that the information regarding the appointment of MD and CEO had come in the news on 24 December 2024 at 3.14 minutes. It is clear from this that the bank had this news during office hours but it was not shared. According to the rules, it is necessary to share it within 24 hours of receiving the information. However, the bank sent it to the stock market on December 25 at 4.53 pm. Which is more than 25 hours after the news became public, which is a violation of disclosure rules. SEBI has issued necessary instructions to the bank in this regard and has sought information on what action was taken on this.