The markets regulator is examining complaints from several shareholders of ICICI Securities who allege that ICICI Bank employees tried to get them to vote for the delisting in late March
Over the past five years, the earnings per share of I-Sec has doubled but the price-to-earnings multiple indicates a drop in valuation amid intense competition in the brokerage business
Shareholders of ICICI Securities claimed on social media that the bank s executives contacted them directly, asking them to vote in favour of the resolution that proposes to delist the broking subsidiary. Lawyers and market participants said such alleged actions could result in regulatory scrutiny of the voting process.
Sebi conducts multiple thematic and comprehensive inspections of the brokerage s various regulated activities from time to time. A warning was issued in connection with one of the thematic inspections carried out of the Stock Broking activities of the company.