SEBI has opted not to provide a response to Axis Bank’s application regarding the governance structure, where Axis sought guidance on whether the arms’ governance structures were in compliance.
Axis Bank seeks informal guidance from SEBI regarding its Subsidiary Governance Committee.
Until July 2023, the Banks’ Subsidiary Governance Committee was led by a group executive.
Notably, the Subsidiary Governance Committee is currently chaired by an Executive Director of Axis Bank.
SEBI’s circular mandates that the Group Governance Committee must include Board members.
Axis Bank queries SEBI about the board’s discretion in deciding how to monitor its subsidiaries.
The RBI, during its supervision, raised a query on this matter from Axis Bank.
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