Sebi drops fraud, disclosure charges in Max-Axis Bank case

Markets regulator SEBI has disposed of proceedings against Max Financial Services, Max Life Insurance, and Axis group entities, stating that allegations of fraud and inadequate disclosures were not established. The three-year-long case examined three arrangements between the entities in 2010, 2015, and 2020, with alleged undue benefits to Axis entities put at Rs 3,911.95 crore for the 2020 arrangement. SEBI concluded that neither the fraudulent scheme charge nor the disclosure-related charges could be sustained, dropping all charges against the noticees without penalty or directions.