Sebi drops Rs 3,912-cr probe against Max Fin, Axis Bank

Mumbai: The Securities and Exchange Board of India (Sebi) has dropped proceedings against Max Financial Services, Max Life Insurance Company, Axis Bank and other Axis group entities, concluding that allegations of disclosure lapses and a fraudulent scheme that allegedly caused a ₹3,912-crore loss to Max Financial and its shareholders couldn't be proved. The market regulator has also cleared Max Financial founder Analjit Singh, besides former and current senior executives named in the proceedings.