Annual Secretarial Compliance Report FY 24-25
AXISBANK · price
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Axis Bank has filed its Annual Secretarial Compliance Report for FY24-25 under SEBI LODR Regulation 24A, prepared by Bhandari & Associates. The report flags three main compliance issues at the bank level: (1) A SEBI Show Cause Notice dated October 24, 2024 alleging a fraudulent scheme involving Axis Bank, Max Financial Services, and Max Life Insurance Company spanning FY09-10 to FY21-22, with alleged losses of Rs. 771.13 crores to MFSL and Rs. 3,911.95 crores of undue benefit to Axis entities—the matter is sub-judice and the bank has submitted a detailed denial; (2) An SEBI advisory letter (February 2025) for delayed submission of FPI Material Information Reports; (3) A deficiency letter (December 2024) following inspection of the bank's Depository Participant operations. Several subsidiaries also faced regulatory action—Axis Securities received a Rs. 10 lakh SEBI penalty, Axis Capital faced restrictions on certain debt-segment transactions, and Axis AMC received warning/deficiency letters and settlement orders. No adverse order has been passed against Axis Bank itself.
The Max Life-related Show Cause Notice is the biggest overhang—allegations involve very large sums (Rs. 3,900+ crores) and potential PFUTP violations, but the case is being contested and is sub-judice, with no order yet. Subsidiary-level penalties are small (Rs. 10-24 lakhs). Near-term financial impact is limited, but regulatory uncertainty around the Max Life matter may weigh on sentiment until resolved.