Some Brokers Will Take A Hit From Friday Trade In HDFC Bank - Dollar Advisory & Financial Services

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Tuesday 21 February 2017

Some Brokers Will Take A Hit From Friday Trade In HDFC Bank

The Securities Exchange Board of India had advised Reserve Bank of India to give some time to the custodians to divest their FII stake in HDFC Bank before 1.40 pm last Friday, when the central bank notification on the breach of the limit was flashed on stock exchange terminals, sources privy to the meeting told Moneycontrol. 

Frenzied buying by FIIs in the HDFC Bank stock on Friday led to the statutory limit of 74 percent being crossed. 

Reserve Bank of India had told the custodians of the FIIs that purchases made after 1:40PM that day will not be settled.
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