Nippon Life India Gets SEBI Query on AT-1 Debt of Yes Bank

Nippon Life India Asset Management Ltd. said it has been asked by India’s securities regulator to defend allegations of a violation of rules related to investments made in Additional Tier 1 bonds of Yes Bank Ltd.

The Securities and Exchange Board of India, or SEBI, issued a show cause notice to Nippon Life India and certain individuals who were in charge between 2016-2020, according to an exchange filing by the Indian asset management unit of Japan’s Nippon Life Insurance Co.

The filing did not include the names of the individuals but said their positions included the chief executive officer ...