Sebi has powers to impose a penalty but not demand the resignation of ICICI Bank CEO Chanda Kochhar if she is found guilty after the ongoing probe in the Videocon loan case.
A maximum penalty of ₹25 crore, or three times the ill-gotten gains, can be levied under Sebi rules, but in this case, the quantum of the penalty may be at the discretion of Sebi's adjudicating officer.
On 24 May, Sebi had sent a notice to ICICI Bank and Kochhar, seeking clarification with regard to disclosure of price-sensitive information from the bank and the CEO allegedly not abiding by the bank's code of conduct.
However, Kochhar can also ask for a settlement by paying a fine and without admitting to any wrongdoing. Still, even a settlement with Sebi may not be enough for CEO Kochhar to complete her current five-year term, which ends in March 2019.
Chanda Kochhar faces max ₹25 crore fine if found guilty
By IndianMandarins - 2018-06-11 12:58:29
Sebi has powers to impose a penalty but not demand the resignation of ICICI Bank CEO Chanda Kochhar if she is found guilty after the ongoing probe in the Videocon loan case.
A maximum penalty of ₹25 crore, or three times the ill-gotten gains, can be levied under Sebi rules, but in this case, the quantum of the penalty may be at the discretion of Sebi's adjudicating officer.
On 24 May, Sebi had sent a notice to ICICI Bank and Kochhar, seeking clarification with regard to disclosure of price-sensitive information from the bank and the CEO allegedly not abiding by the bank's code of conduct.
However, Kochhar can also ask for a settlement by paying a fine and without admitting to any wrongdoing. Still, even a settlement with Sebi may not be enough for CEO Kochhar to complete her current five-year term, which ends in March 2019.
