Mumbai: ICICI Bank Stock exchanges have been informed that independent directors Rama BijapurkariLtd., which on Friday said it was stepping down due to conflict of interest, had acquired 4,900 equity shares Bank On January 5, when the trading window was closed for insiders. the bank said Bijapurkar A fine of Rs 2 lakh has been imposed.
In its letter to the exchange with the subject ‘Inadvertent trading by nominee’, the bank said that its independent financial advisor purchased 4,900 equity shares of ICICI Bank in its account without any prior notice when the trading window was closed.
“The audit committee of the bank was informed about the incident. Based on Bijapurkar’s submission, it has been concluded that this was an unintentional trade which was not intended to violate the Bank’s Code of Prohibition. Insider trading Or SEBI rules. However, since there was a violation of the Bank’s Code and SEBI Regulations, a fine of Rs 2 lakh has been imposed on confirmation of the audit committee meeting held on January 22, 2022 and the said amount will be remitted to Investor Protection. Education Fund (IPEF) as per SEBI regulations,” the bank said.
Bijapurkar had submitted his resignation to the bank’s chairman on Friday, saying his consulting and teaching role, which included linkages with other financial institutions, was seen as in conflict with his directorship.
On Saturday, ICICI Bank also announced its highest ever quarterly profit of Rs 6,194 crore – a 25% increase over the year-ago period.
In its letter to the exchange with the subject ‘Inadvertent trading by nominee’, the bank said that its independent financial advisor purchased 4,900 equity shares of ICICI Bank in its account without any prior notice when the trading window was closed.
“The audit committee of the bank was informed about the incident. Based on Bijapurkar’s submission, it has been concluded that this was an unintentional trade which was not intended to violate the Bank’s Code of Prohibition. Insider trading Or SEBI rules. However, since there was a violation of the Bank’s Code and SEBI Regulations, a fine of Rs 2 lakh has been imposed on confirmation of the audit committee meeting held on January 22, 2022 and the said amount will be remitted to Investor Protection. Education Fund (IPEF) as per SEBI regulations,” the bank said.
Bijapurkar had submitted his resignation to the bank’s chairman on Friday, saying his consulting and teaching role, which included linkages with other financial institutions, was seen as in conflict with his directorship.
On Saturday, ICICI Bank also announced its highest ever quarterly profit of Rs 6,194 crore – a 25% increase over the year-ago period.
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