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Bombay High Court Holds Competition Commission’s Probe On Debt Trustees

Bombay High Court has mentioned that SEBI ought to wrap up its probe of banks’ trustee items


Bombay High Court on Monday placed on maintain an antitrust investigation into trustee items of State Bank of India (SBI), Axis Bank and IDBI Bank for suspected collusion on charges, saying the market regulator Securities and Exchange Board of India (SEBI) would first look into the case.

Indian rules mandate that firms elevating debt appoint a so-called “debenture trustee” to guard the pursuits of buyers. The trustees cost a payment from the businesses issuing the debt and make due-diligence checks on them.

Reuters reported final week the Competition Commission of India (CCI) had ordered an investigation into debt trustee items of the three banks and a gaggle representing them had gone to court docket searching for to quash the probe.

Hearing the plea, the judges in Bombay High Court mentioned SEBI – which can also be investigating the matter – ought to full its probe inside 60 days, and till then the antitrust investigation will stay on maintain.

SEBI is the sectoral regulator and may first overview the allegations, the trustees had argued within the court docket.

The three below investigation – SBICAP Trustee Company, Axis Trustee and IDBI Trusteeship – are among the many leaders within the enterprise in India overseeing tons of of billions of {dollars} by rendering trustee companies for not simply debt securities, but additionally actual property and different funding funds.

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