Suchitra Krishnamoorthi settles case with HSBC

PTI Posted online: Tuesday, Mar 18, 2014 at 0000 hrs
New Delhi : Global financial services major HSBC has agreed to compensate actress and singer Suchitra Krishnamoorthi through a settlement of a long-running dispute over alleged mismanagement of her funds.

The Securities and Exchange Board of India (Sebi) had started a formal investigation into the complaint last year on Suchitra's complaint, while other regulatory agencies such as RBI were also approached by her.

Confirming the settlement, she tweeted today that "it has been amicably resolved and that's a relief".

Thanking Sebi, RBI and HSBC among others, she also termed it as a "victory" for all, especially on World Consumer Rights Day.

The World Consumer Rights Day is observed every year on March 15.

While details of the settlement and the amount of compensation involved could not be ascertained, the actress has been very vocal on Twitter about the case in the past.

In a tweet last year, she had said on Sebi started formal probe into her complaint on March 15.

"Sebi (has) taken cognizance of the gravity of the fraud and malpractice committed by HSBC with my monies," she had said in November 2013.

It was not clear whether the case has also been closed by Sebi, which was looking into alleged irregularities in Portfolio Management Services offered by HSBC.