In an investigation, Sebi found that there were numerous instances of late acceptance of applications by the share processing cell of Canara Bank in the public issue of Fine Agromatics Limited that had hit the capital market in 1995. Sebi in its order said that the violations by the bank calls for a penalty, but disposed off the case by only warning the bank.

“Canara Bank (Bankers to an issue) is hereby warned for the aforesaid violations committed by it,” Sebi said, adding that  being a public sector bank it should have been all the more careful.