ICICI Sec IPO under scanner

Mumbai: Sebi on Thursday said it is looking into alleged violations of code of ethics in the ICICI Securities IPO and has sought details. ICICI Securities had in March reduced the size of its initial public offer (IPO) to a little over Rs 3,500 crore after the sale elicited a sluggish response, especially from high net worth individuals. On a question about whether Sebi was conducting any investigation in the alleged violation of code of ethics in ICICI Securities IPO, chairman Ajay Tyagi said, “We are looking into that, we have sought some information from them and we are yet to get their reply.” There are allegations that ICICI AMC took a late stake in the company’s IPO. The size of the initial public offer — the fourth one from the ICICI Group — was reduced in the wake of sluggish response. The price band for the offer was fixed at Rs 519-520 per share.

Reply on Kochhar yet to be received

Sebi Chairman Ajay Tyagi said the regulator is yet to receive reply from the ICICI Bank on allegations involving its CEO Chanda Kochhar. “We are yet to receive reply from the ICICI Bank,” Tyagi said. The cases under scanner include the bank’s Rs 3,250 crore loan to Videocon Group in 2012 and the involvement of Kochhar family members in restructuring of the loan. Besides Sebi, various other agencies are looking into alleged lapses involving Kochhar and her family members.

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