ICICI Bank fines former unbiased Director Rs 2 lakh
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ICICI Bank has mentioned it imposed a penalty of Rs two lakh on Independent Director Rama Bijapurkar for “infraction of the bank’s Code and the Sebi Regulations” whereas buying the financial institution’s shares. Bijapurkar stop as Independent Director with impact from January 23.
The financial institution mentioned the unbiased monetary adviser of Rama Bijapurkar bought 4,900 fairness shares of the financial institution in her account with out prior intimation to her when the buying and selling window was closed on January 5, 2022.
The Audit Committee of the financial institution was notified of this incident, it mentioned. “Based on Bijapurkar’s submission, it is concluded that this was an inadvertent trade made without any intent to violate the Bank’s Code on Prohibition of Insider Trading or the SEBI (Prohibition of Insider Trading) Regulations, 2015 (SEBI Regulations),” the financial institution mentioned in an alternate submitting on Saturday.
However, as there was an infraction of the financial institution’s Code and the SEBI Regulations, a penalty of Rs 200,000 has been imposed on the Independent Director upon affirmation by the Audit Committee at its assembly held on January 22, 2022. In her resignation letter dated January 21, Bijapurkar mentioned, “I have recently been given to understand by management that my teaching activity in the area of market and business strategy at an educational institution with which I am associated and my research activities on India’s consumer economy at a not for profit research centre with which I am associated, which may require me to occasionally engage with other financial service companies or the investor community, could be in violation of the conflict of interest policy of the bank and the regulator – even in the event of no direct remuneration being earned.”
“In order to avoid any possible ambiguity on my position at any future date as a result of these activities, I have decided to step down,” she mentioned within the letter which was despatched to the inventory exchanges.
