Sebi issues notice to Axis Bank about stake buy in Max Life Insurance

In a regulatory filing, Axis Bank stated that the SCN was sent via email on October 25. Axis Bank, along with its subsidiaries, Axis Securities Limited and Axis Capital Limited, has received this notice and is currently reviewing it. They plan to respond to the SCN, asserting that the transactions in question were conducted with the necessary regulatory approvals. Additionally, Max Financial Services Limited, the holding company of Max Life Insurance, has also reported that several directors, as well as key managerial personnel—both past and present—have received a SCN from SEBI through email.