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J&K Bank Receives SEBI Advisory Over Delay in CEO Announcement


Last Updated: 15th January 2025 - 02:27 pm
Jammu and Kashmir Bank has received an official advisory from the Securities and Exchange Board of India (SEBI) due to a delay in announcing the appointment of its new Managing Director and CEO, Amitava Chatterjee. The private sector bank disclosed this update to the stock exchanges on Tuesday, January 14.
At 10:30 a.m. IST, Jammu and Kashmir Bank’s share price was at ₹93.77 on the NSE, reflecting a 0.053% decrease, signaling cautious investor sentiment.
Amitava Chatterjee, previously the Deputy Managing Director at the State Bank of India (SBI), was selected to replace Baldev Prakash, whose term ended on December 29, 2024. The Reserve Bank of India (RBI) approved Chatterjee's appointment on December 24, 2024, with the official announcement made by the bank on December 25, 2024, at 4:53 pm.
However, SEBI pointed out that information regarding Chatterjee’s appointment had already appeared in the public domain at 3:14 pm on December 24, indicating that the bank’s announcement exceeded the 24-hour disclosure deadline by one hour and 40 minutes. Under SEBI’s regulations, listed companies must disclose significant information within 24 hours to maintain transparency and ensure that investors receive timely updates that may influence their decisions.
The bank’s delay, though brief, was noted by SEBI as a compliance lapse, prompting a warning for the institution to improve its disclosure protocols. In its letter, SEBI emphasized the importance of adhering to regulatory timelines and urged Jammu and Kashmir Bank to reinforce internal processes to prevent similar delays in the future. SEBI also cautioned that repeated violations could attract stricter enforcement actions, potentially resulting in penalties or other regulatory measures.
The bank’s board of directors formalized Chatterjee’s appointment on December 25, 2024, for a three-year term starting December 30, 2024. Chatterjee is known for his extensive experience, spanning more than three decades in banking operations, strategy, and leadership roles across key regions in India and abroad. His leadership at SBI CAPS, where he served as Managing Director and CEO, was marked by his ability to drive growth, manage risks effectively, and lead complex financial transactions.
Market analysts have noted that Chatterjee’s leadership experience is expected to strengthen J&K Bank’s strategic direction, particularly as the bank continues its efforts to expand operations and improve asset quality. His appointment is seen as part of the bank’s broader efforts to maintain stability and build resilience in an evolving economic landscape.
Jammu and Kashmir Bank, a key player in the financial sector and part of the BSE 500 index, has assured stakeholders of its commitment to upholding regulatory standards and timely disclosures. The bank has indicated that it will implement additional measures to bolster its compliance framework and avoid future lapses. These measures may include enhanced staff training, automated reporting mechanisms, and closer oversight by compliance teams to ensure that announcements are made promptly in alignment with regulatory expectations.
The positive response in the stock market suggests that investors remain optimistic about the bank’s future under Chatterjee’s leadership. Despite the regulatory advisory, the bank’s share price uptick indicates confidence in the management’s ability to address compliance gaps while focusing on long-term growth and profitability.
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