ICICI Bank fines former independent director Rs 2 lakh

ICICI Bank said it imposed a fine of Rs two lakh on independent director Rama Bijapurkar for “violating the bank’s code and Sebi regulations” when buying shares in the bank. Bijapurkar stepped down as independent director effective January 23.

The bank said Rama Bijapurkar’s independent financial adviser bought 4,900 shares of the bank into his account without first informing him when the trading window closed on January 5, 2022.

The bank’s audit committee has been informed of the incident, he said. “Based on Bijapurkar’s submission, it is concluded that this was an inadvertent transaction without any intent to violate the Bank’s Code on the Prohibition of Insider Trading or the SEBI Rules ( Prohibition of Insider Trading), 2015 (SEBI Regulations),” the bank said. in an exchange file on Saturday.

However, as there was a breach of the bank’s code and SEBI regulations, a penalty of Rs 200,000 was imposed on the independent director after confirmation by the audit committee at its meeting on January 22, 2022. In his resignation letter dated January 21, Bijapurkar said: “Management recently made it clear to me that my teaching activity in the field of market and business strategy in an educational institution to which I am associated and my research activities on the consumer economy of India in a non-profit research organization center with which I am associated, which may require me to occasionally engage with other financial services companies or the investment community, could be in violation of the bank’s and regulator’s conflict of interest policy – even in the absence of direct compensation earned. »

“In order to avoid any possible ambiguity about my position at a later date following these activities, I have decided to withdraw,” she said in the letter sent to the exchanges.

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