SBI asks staff to seek nod for opening demat accounts with other brokerages
SBI has more than 230,000 employees spread across 22,500 branches in the country. The SBI group is also the biggest asset manager in India's mutual fund industry, with assets under management (AUM) exceeding the pooled funds run by either the ICICI Group or the HDFC Group.
Mumbai: , the country's largest bank, is nudging its and their dependents to operate a stock with its arm, . Any employee wishing to open a demat account with any other brokerage will have to seek prior from his or her not below the rank of chief general manager within six months. SBI's deputy managing director, who heads corporate development, said this in a letter dated May 27 to all employees.SBI has more than 230,000 employees spread across 22,500 branches in the country. The group is also the biggest in India's industry, with assets under management (AUM) exceeding the pooled funds run by either the or the .
The letter also said that the employees should submit statements of their and their wholly-dependent family members' demat or trading accounts on a quarterly basis to their respective controllers for verification.
The directive also stated that breach of these instructions shall be treated as 'gross misconduct for award staff.'
Source: Stocks-Markets-Economic Times
