Sebi finds ICICI bank outreach to I-sec shareholders inappropriate

India’s markets regulator, SEBI, issued a warning to ICICI Bank for pressuring ICICI Securities (I-Sec) shareholders to vote for delisting in March. SEBI's letter dated June 6 noted that ICICI Bank's outreach included repeated calls and requests for voting screenshots, exceeding permissible outreach. \r

SEBI instructed ICICI Bank to take action against the involved employees and submit a report. ICICI Bank disclosed the letter to stock exchanges on Thursday. SEBI's investigation followed complaints from I-Sec shareholders about the bank’s aggressive tactics. \r

SEBI criticized ICICI Bank for data privacy violations and conflicts of interest, directing the bank to address complaints and inform SEBI of actions taken within 10 days of the next board meeting.