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SEBI warns ICICI Bank over investor outreach for unit's delisting

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SEBI warns ICICI Bank over investor outreach for unit's delisting

India's markets regulator, SEBI, has issued a warning to ICICI Bank over its employees contacting shareholders of ICICI Securities to encourage them to vote in favor of the unit delisting from stock exchanges. ICICI Securities, a subsidiary of ICICI Bank, received shareholder approval for delisting in March. SEBI received multiple complaints regarding ICICI Bank's attempts to persuade ICICI Securities' shareholders, prompting the warning letter. SEBI argued that the bank's outreach created a conflict of interest, calling the situation serious.

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