SEBI clears Analjit Singh, Max & Axis entities in ₹3,911 crore case
India's markets regulator has dropped proceedings against Max Financial Services, Max Life and Axis entities over an alleged ₹3,911 crore shareholder loss, clearing seven individuals including Max Group founder Analjit Singh. The case hinged on disclosure lapses and a claimed fraudulent scheme, but SEBI found neither established under the rules that applied at the time. The regulator said disclosures could have been more comprehensive, yet no evidence of concealment, price manipulation, or an artificial market emerged.