Jammu and Kashmir Bank has received an administrative warning from the Securities and Exchange Board of India (SEBI) regarding a delay in disclosing the appointment of its new Managing Director and CEO, Amitava Chatterjee. The private sector lender informed the exchanges about this development on Tuesday, January 14.
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Chatterjee, who was serving as the deputy managing director of State Bank of India (SBI) at the time of his appointment, was chosen to succeed Baldev Prakash, whose term concluded on December 29, 2024. The Reserve Bank of India (RBI) approved his appointment on December 24, 2024, and the bank disclosed this information on December 25, 2024, at 4.53 pm.
However, SEBI noted that information about Chatterjee’s appointment had already surfaced in the public domain at 3.14 pm on December 24. The bank’s disclosure, therefore, exceeded the stipulated 24-hour deadline by one hour and 40 minutes.
In its letter, SEBI advised J&K Bank to improve compliance practices and avoid such delays in the future, warning of potential enforcement actions for repeat lapses.
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The bank’s board of directors formalised Chatterjee’s appointment on December 25, 2024. He will serve a three-year term effective December 30, 2 2024. With over three decades of experience across diverse geographies and strategic roles, including his tenure as MD & CEO of SBI CAPS, Chatterjee is expected to bring significant expertise to his new role.
J&K Bank, part of the BSE 500 index, has assured its commitment to adhering to regulatory standards moving forward.
Shares of Jammu and Kashmir Bank closed at ₹94.39 on the BSE today (January 14), up 6.69%.
(Edited by : Shoma Bhattacharjee)
