JP Morgan Chase settles with SEBI for ₹34.42 lakh
JP Morgan Chase (JP Morgan Chase Bank N.A.) just settled with India's market regulator, SEBI, by paying ₹34.42 lakh after being accused of mishandling some foreign investor licenses.
Basically, the bank gave out licenses to four U.K.-based investors who weren't properly registered and later upgraded them to a higher category without checking if they actually met the rules.
Bank took over a month to respond to merger notice
On top of that, JP Morgan Chase took over a month to respond to an important merger notice, during which 64 transactions slipped through without proper checks.
SEBI reviewed the matter and the bank subsequently settled.
Now, after some back-and-forth and committee review, the case is closed with this settlement, though JP Morgan Chase hasn't admitted or denied any wrongdoing.