Indian court pauses probe on trustee units of State Bank of India, others

An Indian court paused the antitrust probe into the trustee units of State Bank of India, IDBI Bank Ltd. and Axis Bank Ltd. for allegedly colluding on fees until the Securities and Exchange Board of India completes its own investigation, Reuters reported April 11.

The move comes as Indian regulations require companies raising debt to appoint a "debenture trustee" to protect the interests of investors. These trustees charge the companies issuing the debt and conduct due diligence.

Judges in the High Court in Mumbai said the market regulator should complete its probe within 60 days, the report added.