Sebi sends notice to HSBC on singer's complaint

Capital market watchdog Securities and Exchange Board of India has served a fresh show notice to financial services major HSBC on a complaint by actress and singer Suchitra Krishnamoorthi for alleged mismanagement of funds.

The Securities and Exchange Board of India began its formal investigation into the complaint earlier this year.

Sources said that Sebi has served a fresh show cause notice to HSBC on the issue, asking why action should not be taken against the company.

When contacted, an HSBC spokesperson said, "Regret we will be unable to comment".

The actress had said that Sebi started formal probe into her complaint on March 15.

"Sebi (has) taken cognisance of the gravity of the fraud and malpractice committed by HSBC with my monies," she had said earlier.