The valuation and structure of the big ticket deal which was struck last November between private sector lender, Axis Bank and Enam Securities has been brought under the question box of regulator, Reserve Bank of India.

The bank has been directed to provide accurate justification of the valuation of the deal worth Rs 2,067 crore.

"There are no indications that the deal may fall through, but Axis will have to explain the pricing and nature of the deal, which is essentially issuing stocks to pay for something," said a person having knowledge in this regard.

"Technically, the RBI can make certain observations on the deal or ask the bank to tweak the valuation," said the person.