Consumer markets consultant and then independent director, Rama Bijapurkar independent financial adviser was penalised for inadvertent trade, after resignation from the board of ICICI Bank citing teaching assignments.
As there was an infraction of the Bank's Code and the SEBI Regulations, a penalty of Rs 2 lakh has been imposed on the Independent Director upon confirmation by the audit Committee at its meeting held on January 22.
What is the case about?
Rama Bijapurkar purchased 4,900 equity shares of ICICI Bank in her account without prior intimation to her when the trading window was closed on January 5.
The Audit Committee of ICICI Bank was notified of this incident. Based on Bijapurkar's submission, it is concluded that this was an inadvertent trade made without any intent to violate the Bank's Code on Prohibition of Insider Trading (Bank's ·Code) or the SEBI (Prohibition of Insider Trading) Regulations, 2015 (SEBI Regulations), ICICI Bank said.
Bijapurkar resigned
"It is with regret that I submit my resignation from the board of ICICI Bank Ltd. I have been given to understand by management that my teaching activity in the area of market and business strategy at an educational institution with which I am associated and my research activities on India's consumer economy at a not for profit research centre with which I am associated," stated Bijapurkar in her resignation letter on January 20.
