In a classic example of regulatory turf war, market watchdog Securities and Exchange Board of India (SEBI), in a recent letter to the banking regulator Reserve Bank of India (RBI), has expressed its displeasure over RBI’s intervention in trading of HDFC’s shares.
Trading gone wrong
As a preface, the FDI Policy sets the bar at 74% for foreign investment in private sector banks. As per RBI rules, RBI puts stocks which cross 72% threshold on . . .
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