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SEBI levies Rs. 10 lakhs penalty on ICICI Bank for delayed disclosure

Posted On: 2019-09-13 14:24:22


ICICI Bank Ltd has received an Adjudication Order from Securities and Exchange Board of India (SEBI) vide order no: AA/AR/2019-20/4392 on September 12, 2019 under Section 15 - I of the SEBI Act, 1992, read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 and under Section 23-1 of Securities Contract Regulation Act, 1956 and Rule 5 of the Securities Contracts (Regulation) (Procedure for Holding Inquiry and imposing Penalties by Adjudicating Officer) Rules, relating to alleged delayed disclosure on May 18, 2010 of an agreement entered into by ICICI Bank Limited on the same day upon and after the approval of its Board of Directors relating to erstwhile Bank of Rajasthan(eBoR).

As per the order received, the Bank has been levied a penalty of Rs. 1 million and Mr. Sandeep Batra then Compliance Officer of the Bank with a penalty of Rs. 0.20 million.

The Bank is presently evaluating the order and would take appropriate steps accordingly.

Shares of ICICI BANK LTD. was last trading in BSE at Rs.402.75 as compared to the previous close of Rs. 394.35. The total number of shares traded during the day was 838402 in over 8148 trades.

The stock hit an intraday high of Rs. 407.05 and intraday low of 398. The net turnover during the day was Rs. 339043098.


Source: Equity Bulls

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