Penalty on Axis Bank Ltd by CCI

Last Updated on August 20, 2023 by Brajesh

Penalty on Axis Bank Ltd by CCI

Reason for Penalty on Axis Bank by CCI

CCI imposed penalty on Axis Bank Ltd amounting ₹40 Lakh as the bank has failed to informed Competition Commission of India (CCI) over acquisition of stake in CSC e-Governance.

What is CSC e-Governance?

Penalty on Axis Bank Ltd
e-Governance Services India Ltd

CSC e- Governance Service India Limited is set up under the Companies Act, 1956 by the Ministry of Electronics and Information Technology. They are formed to carry out some specific business purpose & activity. They also monitor the implementation of Common Services Centers Scheme (CSCs).

Date of acquisition of 9.91% stake

Transaction for acquisition of stake in CSC e-Governance is executed in November 2020, where bank acquired 57743 shares for ₹6300 each. Total value of the transaction was 36.38 Crore

Failure on Axis Bank Part

Axis bank was required to informed the watchdog regulatory institution , CCI, for acquisition of stake in CSC e-Governance. However it failed to do so which resulted in penalty of ₹40 Lakh.

Bank Share Price

On Friday Bank share price was closed at 943.05 up by .69% in NSE. It is expected that This penalty will have its impact on share price of the bank on Monday. (Money control: Axis Bank Share Price)

What is CCI?

Competition Commission of India is a regulatory body formed to eliminate adverse effect of monopoly and promote competition in the interest of consumer to ensure freedom of trade in Indian economy.

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1 thought on “Penalty on Axis Bank Ltd by CCI”

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    Regards
    Gourab Saha
    Asst.Manger (RDO)
    Velangi Branch, A.P
    Union Bank of India

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