India’s market regulator, the Securities and Exchange Board of India (SEBI), has issued an administrative warning to ICICI Securities Limited following an inspection of books and records related to Merchant Banking activities. The regulatory alert was communicated through a letter dated February 28, with ICICI Securities receiving the warning on the same day at 12:16 p.m. via email, as disclosed in a regulatory filing by the company.
ICICI Securities clarified that the warning pertains specifically to the inspection of books and records related to the company’s Merchant Banking activities. In its regulatory filing, ICICI Securities emphasized that there is no impact on the financial, operational, or other activities of the company resulting from the administrative warning.
Despite this assurance, on Wednesday, shares of ICICI Securities witnessed a decline of 1.89%, closing at Rs 806.70 on the Bombay Stock Exchange (BSE).
The nature and details of the inspection that led to the administrative warning have not been explicitly disclosed by either SEBI or ICICI Securities.
