ICICI Bank, Kochhar under US regulatory probe scanner
Besides, the Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts, including in Mauritius, as part of their own probes, officials said
As a multi-agency probe continues in India into alleged lapses involving ICICI Bank's chief Chanda Kochhar and her family, the matter has also come under the scanner of the US markets regulator Securities and Exchange Commission (SEC). Besides, the Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts, including in Mauritius, as part of their own probes, officials said.
When asked about its probe into matters related to ICICI Bank and Kochhar, a spokesperson for the SEC Office of Public Affairs declined to comment. The queries sent to ICICI Bank also remained unanswered. The bank has already instituted an independent enquiry into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with certain borrowers.
Earlier in March, when the reports first surfaced in this regard, the bank had said that its board has "full confidence and reposes full faith" in Kochhar. Sources said the SEC is actively looking into the matter as ICICI Bank is listed in the US also and it may seek further details from its Indian counterpart the Securities and Exchange Board of India, which has already issued show-cause notices to the bank and Kochhar. Officials said the Sebi has been approached for some clarificatory details, which would be provided to the bank and its CEO.
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