This article is more than 2 year old.

US SEC fines Citibank more than $38 million for mishandling ADRS

Mini

Citibank will pay more than $38 million to the US Securities and Exchange Commission (SEC) for abuse in handling American Depositary Receipts (ADRS), the regulator said in a statement on Wednesday.

US SEC fines Citibank more than $38 million for mishandling ADRS
Citibank will pay more than $38 million to the US Securities and Exchange Commission (SEC) for abuse in handling American Depositary Receipts (ADRS), the regulator said in a statement on Wednesday.
The SEC found that Citibank falsely provided US securities that represent foreign shares, or ADRs, to brokers in thousands of premature transactions. Those brokers and customers did not have the actual number of foreign shares to support those ADRs, the SEC statement said.
The bank did not admit or deny the SEC's findings on its practices, but agreed to pay the fine and additional fees related to the abuses.

Market Movers

CompanyPriceChng%Chng
Maruti Suzuki6,993.50 -171.55 -2.39
Power Grid Corp167.40 -3.68 -2.15
ITC206.05 -3.05 -1.46
Bajaj Auto3,763.75 -54.75 -1.43
Coal India142.15 -1.90 -1.32
CompanyPriceChng%Chng
Maruti Suzuki6,991.90 -158.30 -2.21
Power Grid Corp167.40 -3.65 -2.13
Bajaj Auto3,762.80 -57.70 -1.51
ITC206.00 -3.15 -1.51
Dr Reddys Labs4,671.05 -59.15 -1.25
CompanyPriceChng%Chng
Maruti Suzuki6,993.50 -171.55 -2.39
Power Grid Corp167.40 -3.68 -2.15
ITC206.05 -3.05 -1.46
Bajaj Auto3,763.75 -54.75 -1.43
Coal India142.15 -1.90 -1.32
CompanyPriceChng%Chng
Maruti Suzuki6,991.90 -158.30 -2.21
Power Grid Corp167.40 -3.65 -2.13
Bajaj Auto3,762.80 -57.70 -1.51
ITC206.00 -3.15 -1.51
Dr Reddys Labs4,671.05 -59.15 -1.25

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.2850-0.0900-0.12
Euro-Rupee88.1710-0.0400-0.05
Pound-Rupee103.61000.08400.08
Rupee-100 Yen0.6762-0.0004-0.06