SEBI warns ICICI Bank over investor outreach for unit's delisting
India's markets regulator has warned ICICI Bank over its employees reaching out to shareholders of its unit, ICICI Securities, to urge them to vote in favour of the unit delisting from stock exchanges, the bank said on Wednesday.
India's has warned over its employees reaching out to of its unit, , to urge them to vote in favour of the from , the said on Wednesday.ICICI Securities, a subsidiary of ICICI Bank, had secured a shareholder nod in March for the delisting.
The 's () warning letter to says it received several complaints that the bank made multiple attempts to persuade ICICI Securities' shareholders to vote in favour of the delisting.
The bank argued that the so-called outreach was to present a factual position of the transaction.
The regulator said that since ICICI Bank was an interested party in the transaction, there was a and thus, the outreach was inappropriate.
"This has been viewed seriously," the SEBI said.
Source: Stocks-Markets-Economic Times
