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SEBI may summon Chanda Kochhar soon

By IndianMandarins- 10 Sep 2018


Capital markets regulator Securities and Exchange Board of India (SEBI) may soon summon ICICI Bank's on-leave CEO Chanda Kochhar and her husband with regard to a probe into alleged regulatory lapses with regard to his business dealings.

Besides, some other top officials of the bank, as also from Videocon, which allegedly benefitted due to its association with Kochhar's husband, are also likely to be called for their personal hearings regarding charges against them that may lead to the bank and its embattled chief being slapped with several crores of rupees in fines and other penal actions including ban from markets and directorships.

According to top officials, the multi-agency probe into ICICI Bank and business dealings of the Kochhar family will also be discussed by Sebi's board next week as it has been felt that coordinated efforts are required to be taken by Sebi, RBI and the government in this case due to its systemic importance.

Among others, this case is already being looked into by the RBI and the Corporate Affairs Ministry.

Sebi had earlier issued show cause notices to ICICI Bank, Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with Videocon Group.

The regulator may soon issue summons for personal hearings of Kochhars and others over the next few weeks, they said.

Among other agencies, the CBI is also probing the case.

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