HDFC Bank penalises 12 executives for AT1 bond mis-selling role.

HDFC Bank penalises 12 executives for AT1 bond mis-selling role. The bank has taken disciplinary action against senior and mid-level executives, including cancellation of incremental pay and employee stock options, following internal investigations into the mis-selling of additional tier-1 bonds linked to Credit Suisse. Among those facing penalties is Ashish Parthasarthy, group head of branch banking. This follows earlier terminations of three senior executives in March. The controversy stems from March 2023 when Credit Suisse's AT1 bonds were written down to zero during its takeover by UBS, affecting investors globally. HDFC Bank's CEO maintains no fraud occurred, characterizing the issue as a technical documentation lapse.