Latest News | RBI Lifts Restrictions on Two Edelweiss Group Entities

Mumbai, Dec 17 (PTI) The Reserve Bank on Tuesday announced that restrictions imposed on two Edelweiss Group entities have been lifted.

The restrictions on ECL Finance and Edelweiss Asset Reconstruction Company have been lifted after both entities have taken the necessary remedial actions and committed to comply with regulatory guidelines on an ongoing basis, as per a statement.

Also Read | SBI Clerk Recruitment 2024: State Bank of India Releases Notification For 13,735 Junior Associates Post at sbi.co.in, Know Steps to Apply.

The restrictions were imposed on May 29 this year, under which ECL was directed to cease and desist from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business.

In the case of the other company, the ARC was directed to cease and desist from the acquisition of financial assets, including security receipts (SRs) and reorganising the existing SRs into senior and subordinate tranches.

Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for December 17, 2024 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game.

"The companies engaged with the Reserve Bank on the remedial measures to address the supervisory concerns," the statement said.

The RBI lifted the restrictions as it is satisfied based on the submissions and remedial measures put in place by the two entities to address the central bank's concerns, it added.

The restrictions were imposed under the provisions of the Reserve Bank of India Act, 1934 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI).

Edelweiss Financial Services shares closed nearly 8 per cent up at Rs 138.80 apiece on the BSE on Tuesday against a 1.30 per cent correction on the benchmark.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)