India's largest private ports operator Adani Ports, linked to building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation, has been removed from S&P Index, reports Reuters.

S&P Dow Jones Indices said it has removed India's Adani Ports and Special Economic Zone Ltd. from its sustainability index due to the firm's business ties with Myanmar's military regime that has come under sanctions for its alleged human rights abuses after a coup this year.

Adani Ports is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC) and its stands removed from the index prior to the open on Thursday, April 15, said in a statement on Tuesday.

Adani Group said on March 31 that it would consult authorities and stakeholders on the project in Myanmar. 

SEBI
SEBIReuters

Yes Bank Penalty

Meanwhile, India's market regulator SEBI on Monday, April 12 imposed a penalty of Rs 25 crore on private sector lender YES Bank in the additional tier 1 bonds (AT1) mis-selling case. Sebi has asked the Yes bank to pay the penalty amount within 45 days of receipt of the notice.

Besides YES Bank, Sebi has also imposed penalties on Vivek Kanwar (Rs one crore), Ashish Nasa (Rs 50 lakhs) and Jasjit Singh Banga (Rs 50 lakhs). Kanwar was the Head of YES Bank's private wealth management team and others were its former executives. 

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