SEBI warns ICICI Bank over ‘inappropriate’ I-Sec outreach

The regulator’s warning comes after complaints from ICICI Securities’s shareholders alleging that bank officials pressured them to vote in favour of the delisting.

The Securities and Exchange Board of India on Thursday issued ICICI Bank a warning for reaching out to shareholders to influence votes in favour of delisting ICICI Securities from stock exchanges.

In its warning letter, the market regulator called the private sector bank’s “outreach programme” as “inappropriate”. 

The warning comes after SEBI received several complaints from ICICI Securities’s shareholders who alleged that they received multiple calls and messages from bank officials, pressuring them to vote in favour of the delisting scheme. The shareholders claimed these officials even demanded voting screenshots.

According to the warning letter, a recorded call also …

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Ujjaini Dutta

Ujjaini writes for Yesterday at The Morning Context. She joins us from MEA WorldWide, where she worked as a sub-editor, and has previously worked as an editorial intern at The Wire’s LiveWire. Ujjaini published her debut novel—Manik-er Khata—in 2022.

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