Sebi drops Max, Axis entities case over alleged ₹3,911 cr shareholder loss
Sebi has disposed of proceedings against Max Financial Services, Max Life, and Axis Group entities over an alleged Rs 3,911 crore shareholder loss, with the markets regulator finding that disclosure lapses and a fraudulent scheme were not established.
Max Life Insurance Company is now known as Axis Max Life Insurance.
The Securities and Exchange Board of India (Sebi), in a final order passed on Monday, dropped proceedings against seven individuals, including Max Group founder and Chairman Analjit Singh.
The proceedings arose from a Show Cause Notice (SCN) issued on October 24, 2024, following an investigation into transactions between the Max and Axis entities during 2009-10 to 2021-22.
Sebi had examined three sets of arrangements entered into in 2010, 2015 and 2020.
The case centred on allegations that Max Financial failed to make adequate and timely disclosures about the transactions and that Max Financial, Max Life, and Axis entities devised a scheme that provided undue benefit
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