ICICI Bank tells Sebi it was unaware of conflict of interest

The private sector lender allegedly failed to ensure compliance with the listing rules in the case of its full-time directors

ICICI Bank has denied charges of violation of disclosure norms levelled against it by the market regulator Securities and Exchange Board of India (Sebi). Responding to a Sebi show cause notice issued on May 23, the bank said it was not aware of the alleged conflict of interest situation and hence couldn’t make any disclosures required under the listing regulations, it is learnt.

ICICI Bank sent its reply to Sebi last week, a source said. 

In the show cause notice, Sebi had asked ICICI Bank why it should not be charged for violation of the Listing Obligations and Disclosure Requirements