SEC seeks details from ICICI Bank on governance, accounting practices

The SEC queries to senior ICICI officials included a request for information on the bank's accounting practices during five years up to 2016

The US Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd on its accounting and corporate governance practices, people familiar with the matter said.

The SEC’s queries center on ICICI’s dealings with certain borrowers under Chief Executive Officer Chanda Kochhar and whether there had been misrepresentations in the bank’s accounting, the people said, asking not to be identified. The regulator is taking an interest because ICICI has American Depository Receipts traded in the US, the people added.

ICICI’s board has appointed a retired judge from India’s top court to examine allegations against Kochhar, people familiar with the matter said