Bajaj Finance has written to the Securities and Exchange Board of India (Sebi) requesting to unfreeze the funds of Rs 1,200 crore lying in the accounts of individuals blocked by the regulator for insider trading in Zee Entertainment Enterprises.
The freezing has blocked IPO financing provided to these accounts by Bajaj Finance, which could create a severe cash crunch and a subsequent default on repayments by the shadow lender.
As Sebi has debarred 15 entities from trading in capital markets and ordered impounding of gains of Rs 23.84 crore, HDFC Bank — where accounts were opened by such individuals for IPO financing