Watchdog to assess bank’s disclosures

With ICICI Bank embroiled in a controversy over alleged conflict of interest involving its CEO Chanda Kochhar, market regulator SEBI has begun looking into the matter for any possible disclosure and corporate governance-related lapses.

Besides, Videocon Industries and its promoters have come under the regulator’s scanner as the matter relates to alleged “quid pro quo” involving loans to the firm by a group of lenders, including ICICI Bank.

The markets watchdog has begun a preliminary enquiry into various disclosures by the top private sector bank over the last few years while stock exchanges may seek additional clarification regarding recent reports in this regard relating to dealings that took place in 2012, a senior official said.

Sources said the RBI had sought clarification from the bank in 2016 on the issue to which the bank had given its response at the time.