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Sebi, RBI engage in turf war over stock trading of HDFC Bank

The Securities and Exchange Board of India has expressed displeasure over the Reserve Bank of India’s intervention in the trading of HDFC Bank shares after the overseas holding was breached on February 17. Sebi is said to have lodged a protest in a strongly worded letter to RBI.

Market sanctity is important to Sebi. Even Sebi doesn’t intervene during market hours. RBI can’t do anything like this without consulting with Sebi,” said a regulatory official aware of the letter. “This is backseat driving.” Sebi has said that to ensure such a situation doesn’t recur a solution needs to be worked out by both regulators.