No further action in actress vs HSBC case: Sebi
The Indian regulator found excessive churning of funds managed by the bank in a complainant's portfolio, but said no further action would be taken as a settlement had been reached.
India’s securities regulator has said it will take no further action against HSBC over a complaint filed by an actress who alleged the bank had mismanaged her portfolio, despite concluding there had been “excessive churning” of her investments.
The Securities and Exchange Board of India (Sebi) confirmed yesterday that HSBC and Suchitra Krishnamoorthi had reached a settlement for an undisclosed sum.
However, based on its investigation of records and account statements from June 2…
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