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US SEC concludes probe on ICICI Bank's loan impairment provisions

Capital Market 

The United States Securities and Exchange Commission (SEC) does not intend to take any enforcement action against ICICI Bank.

"The bank has via its legal counsel received a communication from the United States Securities and Exchange Commission (SEC) that they have concluded their investigation into the Bank's loan impairment provisions under US GAAP and that the SEC does not intend to take any enforcement action against the bank," ICICI Bank said in a note to exchanges on 27 October 2020.

Earlier on 27 July 2018, ICICI Bank had said that there was a request for information from the SEC investigatory staff linked to the timing and amount of the bank's loan impairment provisions taken under US GAAP for fiscal years prior to 2017, in respect of which the bank extended complete co-operation to the SEC.

Shares of ICICI Bank are trading 0.83% lower at Rs 406.45 on BSE. ICICI Bank is one of India's leading private banks.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, October 28 2020. 09:20 IST