Sebi defreezes bank, demat accounts of Yes Bank CEO

Markets regulator Sebi on Wednesday ordered defreezing of bank accounts as well as share and mutual fund holdings of Rana Kapoor, former MD and CEO of Yes Bank.

Kapoor is currently in judicial custody after being arrested in March 2020 in the alleged Yes Bank fraud case. The regulator, in March, had attached bank accounts, share and mutual fund holdings of Kapoor to recover dues of over one crore. The decision was taken after Kapoor failed to pay the fine imposed on him. Sebi, in September 2020, had levied a fine of one crore on Kapoor for not making disclosures regarding a transaction of Morgan Credit, which was an unlisted promoter entity of Yes Bank. By not disclosing about the transaction to Yes Bank's board of directors, Kapoor created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Dislcosure Requirements) Regulation, Sebi had said in the order.

The release order came after Supreme Court, on August 2, stayed the Securities Appellate Tribunal (SAT) order which had upheld a penalty of Rs 1 crore on Kapoor.