Responded to Sebi showcause notice, but no settlement offer: ICICI Bank

ICICI Bank and its Managing Director & Chief Executive Officer Chanda Kochhar have replied to a show cause notice for alleged violation of listing disclosure norms, said market regulator Securities and Exchange Board of India (Sebi).

On May 23, Sebi had issued a show cause notice to ICICI Bank and Chanda Kochhar for violating disclosure norms in connection with the conflict of interest in business dealings of Chanda Kochhar’s husband Deepak Kochhar with Videocon Group.

“Some replies have come and we are examining the same. The bank has discussed the consent option informally,” said Sebi Chairman Ajay Tyagi.

Confirming the