According to reports, Nippon India chief executive Sundeep Sikka’s role is also being examined by Sebi
BS Reporter |
Last Updated at April 1, 2022 14:04 IST
File photo: PTI
Nippon Life India Asset Management (NAM) said on Friday that the company and its executives are constantly working along with its legal advisors to assist market regulator Securities and Exchange Board of India (Sebi) on any inquiries in the matter pertaining to the asset manager’s investment in Yes Bank’s AT1 bonds.
Sebi has launched an investigation into NAM’s –formerly known as Reliance Mutual Fund– investment in the bonds, which were influenced by its former promoter Anil Ambani-led Reliance Capital. NAM had made an investment of Rs 2,500 crore in Yes Bank’s AT1 bonds.
“Sebi has been asking the company and its executives’ certain information with respect to the aforesaid investment as well as information with respect to certain third parties, as may be available with us,” NAM has said in a statement.
According to reports, NAM’s chief executive Sundeep Sikka’s role is also being examined by Sebi.
AT bonds are perpetual bonds without any maturity date. Yes Bank’s AT1 bonds were written down to zero in March 2020 as part of a government-approved restructuring plan for the insolvent lender. This has led to losses to several investors.
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First Published: Fri, April 01 2022. 14:04 IST