ICICI Independent Director Fined for Post Post Insider Trading, Sebi Probe

Posted by harsh sultayia on January 24th, 2022

Investing.com - In the submission of regulations on Friday, ICICI Bank\'s personal loans (NS: ICBK) told the exchange that one of the Independent Directors Rama Bijapurkar handed over their resignation from the Board of Directors of the Bank, starting January 23, 2022.

While Bijapurkar cited the reason for its resignation as a potential conflict of interest due to its involvement with other financial institutions, in line with its teaching and research activities in educational institutions, Banks on January 22 revealed different development after resignation after resignation after resignation after resignation.

In accordance with the disclosure of Bank ICICI to the stock market, the independent director chose 4,900 shares of bank equity on January 5, after the trading window was closed for insiders, ahead of Q3 income.

SBI market regulator is looking for the history of Bijapurkar trade to find if he violates the rules of trafficking in people.

The regulator learned that the Independent Director had bought 4,900 shares of ICICI Bank for RS 38.6 lakh after the trading window for people to close on January 5, while he was still an independent director on the bank board.

However, according to the Toi report, the Bank clarified that Bijapurkar informed the management of development as soon as he knew that his independent financial advisor to buy shares in his account, without the previous intimacy.

The Bank\'s audit committee has sentenced Bijapurkar with RS 2 Lakh for violating the code and the rules of trafficking in people.

Bijapurkar functions as an independent director on the board of six other companies including M & M Financial Services (NS: MAHM), Nestle (NS: Nest) India, and Sun Pharmaceuticals, among others.

The regulator learned that the Independent Director had bought 4,900 shares of ICICI Bank for RS 38.6 lakh after the trading window for people to close on January 5, while he was still an independent director on the bank board.

However, according to the Toi report, the Bank clarified that Bijapurkar informed the management of development as soon as he knew that his independent financial advisor to buy shares in his account, without the previous intimacy.