The Jammu and Kashmir Bank Limited has recently been issued an administrative warning by the Securities and Exchange Board of India (SEBI). The warning pertains to the bank's non-compliance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank, which is listed on both BSE and NSE, made a disclosure on December 25, 2024, regarding the appointment of Amitava Chatterjee as its Managing Director and Chief Executive Officer (MD & CEO) for three years, effective from December 30, 2024.

However, SEBI observed that the Reserve Bank of India had approved the appointment of Arnitava Chatterjee as MD&CEO of the Bank on December 24, 2024, and the disclosure was made by the bank to the Stock Exchanges on December 25, 2024. This delay in disclosure was considered a violation of Clause 7 of Para A of Part A of Schedule III read with Regulation 4(1)(d), 30(2), and 30(6) of LODR Regulations.

In addition to the delay in disclosure,  was also found to have violated Regulation 4(1)(c), (g), and (h) of the LODR Regulations. The bank had made a factually incorrect submission to the Stock Exchanges, stating that it had received the approval letter from RBI post the closure of business hours on December 24, 2024. Furthermore, the bank had made inconsistent disclosures in relation to the appointment of MD & CEO during October 2021 and December 2024.

SEBI has issued an administrative warning to the , advising it to be careful in the future and improve its compliance standards to avoid the recurrence of such instances. The bank has been directed to disclose the contents of the letter to the Stock Exchanges immediately upon receipt for the purpose of dissemination of the same on their website.