Private sector lender ICICI Bank has settled a case with SEBI relating to the alleged failure against victimisation of the whistle-blower, after paying ₹28.4 lakh as settlement charges.

"High Powered Advisory Committee in its meeting held on December 30, 2020, considered the revised settlement terms proposed and recommended the case for settlement upon payment of ₹28,40,625 towards settlement charges," SEBI said in its settlement order.

"...in view of the acceptance of the settlement terms and receipt of settlement charges as

mentioned above by SEBI, the instant adjudication proceedings initiated against the applicant vide

SCN dated January 30, 2020 are disposed of... based on the settlement terms," it further said, adding that the order shall come into force with immediate effect.

After ICICI Bank proposed to settle the instant proceedings, SEBI agreed to the settlement, "without admitting or denying the findings of fact and conclusions of law", through a settlement order and had filed a settlement application.

The case pertains to a complaint filed by an ex-employee of the bank Samir Kumar Das on January 8, 2019, on the SCORES platform. Das raised issues that he was victimised by the private sector lender in contravention of the whistle-blower mechanism's provisions.

Das's contention is that ICICI's rights are limited to transferring an employee only to a group company and not to ICICI Foundation.

The bank offered him to join SMEAG (Small Medium Enterprise And Agri Group) on November 13, 2018, to which he expressed reservations to join considering that they were officials against whom he had blown the whistle, the order mentioned.

After reconsideration given his transfer to ICICI Foundation, he offered to join SMEAG on November 14, 2018. The bank did not accept, thereby allegedly violating the code of conduct and corporate governance not giving him a suitable environment to work, it added.

The bank's offer to join the ICICI Foundation was detrimental to his interests and his banking career, Das said in his complaint.

During examination by SEBI, the ICICI Bank's response was not found satisfactory. It was observed that the lender failed to provide appropriate protection against victimisation of the complainant who was the whistle-blower against the bank the order mentioned.

"In view of the above, SEBI felt satisfied that there are sufficient grounds to inquire and adjudicate upon the aforesaid violations by the Noticee," the order further said.

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