ICICI Bank: SEBI favours adjudication

For ‘breach’ of listing disclosure norms

June 25, 2018 09:51 pm | Updated 09:51 pm IST - New Delhi

A preliminary examination by SEBI has favoured adjudication proceedings against ICICI Bank and its CEO Chanda Kochhar for alleged violation of listing disclosure norms regarding ‘conflict of interest’ in her husband’s business dealings with the Videocon Group.

ICICI Bank may face a penalty of up to ₹25 crore under the relevant SEBI regulations for such lapses, while the fine for Ms. Kochhar may go up to ₹1 crore besides other penal actions, a senior official said.

The adjudication process would convene formally soon after taking into account the replies to the show-cause notices issued by the markets regulator to ICICI Bank, Ms. Kochhar and others in this matter, the official added.

Independent inquiry

Besides SEBI probe, the ICICI Bank’s board had also constituted an “independent inquiry” and Ms. Kochhar had gone on leave till the completion of the enquiry. According to a regulatory filing by the bank, Ms. Kochhar would continue as MD and CEO.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.