Sebi penalises Yashovardhan Birla, 6 others in Zenith Birla GDR case

It is the level and curvature of the yield curve that contains info on market expectations on economic prospects and inflation, says paper authored by Deputy Governor M D Patra and others

Capital markets regulator Sebi on Thursday imposed a penalty totalling Rs 10.80 crore on seven entities, including Zenith Steel Pipes & Industries Ltd (erstwhile Zenith Birla (India) Ltd and Yash Birla), in a case pertaining to alleged irregularities in the global depository receipts issued by Zenith Birla.

In its order, the regulator levied a fine of Rs 10 crore on Zenith Birla India Ltd (ZBIL), Rs 20 lakh each on PVR Murthy and Arun Panchariya, and Rs 10 lakh each on Yashovardhan Birla, MS Arora, AP Kurias and Mukesh Chauradiya, and asked them to pay the fine within 45 days.