On October 31, CNBC-TV18 reported that Insurance Regulatory and Development Authority (IRDAI) has written to SEBI to review Axis Bank-Max Life stock trading.

According to the report, IRDAI wrote to SEBI seeking its views on the fair value of the transaction, wrongdoing or any breach of security regulations.

Earlier on October 14, the insurance regulator said historical transactions between Axis Bank and Max Financial violated the IRDAI code and ordered Axis Bank to pay a fine of Rs 3 crore within 21 days, including 1 of Max Life Insurance’s Rs 1 crore fine. On October 17, the fine was increased to Rs 5 crore.

However, on October 20, Axis Bank president Amitabh Chaudhry claimed that the bank complied with all rules and regulations in acquiring a 20% stake in Max Life Insurance.