Markets regulator SEBI makes enquiries about power dealing between ICICI, Nupower and Videocon

Markets regulator SEBI has issued a notice to ICICI enquiring about its dealing with Nupower and Videocon.

The regulator has asked Chanda Kochhar, MD and CEO of ICICI, to respond to the matters relating to non-compliance to certain provisions of the listing agreement and the regulations of Security and Exchange Board of India.

SEBI started the enquiry when reports of dealing between ICICI, Videocon and Nupower came out, which were not reported to the board.

Listing agreements require the companies to disclose any information that is used in their regular business and affect the stock prices, but what is considered as ‘material’ for regular data is generally left for the management of the listed entity to decide.

The ICICI Bank stock ended 0.3% lower at Rs, 297 on BSE, while sensex closed 0.8% higher.