SEBI disposes of proceedings against Max Financial Services, Max Life Insurance, Axis Bank, and key personnel, finding no violation of disclosure or fraud regulations.
The case involved allegations of a structured bancassurance arrangement to circumvent IRDAI commission limits via share transactions between 2010-2021.
SEBI concluded that disclosure lapses were not proven and the transactions did not constitute a fraudulent scheme under securities laws.
The order references prior IRDAI penalties but finds insufficient evidence for SEBI to impose separate sanctions under the PFUTP Regulations.