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Chanda Kochhar reappointed on the board of ICICI Securities

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Chanda Kochhar, ICICI Bank managing director and chief executive officer, has been reappointed on the board of ICICI Securities on Thursday, sources privy to the developments told CNBC-TV18.

Chanda Kochhar, ICICI Bank managing director and chief executive officer, has been reappointed on the board of ICICI Securities on Thursday, sources privy to the developments told CNBC-TV18.
ICICI Bank holds over 79 percent stake in ICICI Securities.
Kochhar is also a director on the boards of other group companies, including ICICI Lombard General Insurance, ICICI Prudential Life Insurance Company, ICICI Prudential Asset Management Company as well as ICICI Bank Canada.
Chanda Kochhar has been on leave since July 19 this year and she is also facing investigation from multiple agencies.
There are allegations of impropriety on part of Kochhar in ICICI Bank extending loans to some companies and enjoying reciprocal benefits.
It has been alleged that her family members, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans sanctioned by the bank.
Sebi has already served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower. An independent probe has also been launched by ICICI Bank board to look into the matter.
There are eight members on the board of ICICI Securities of which four are independent directors, two are non-executive non-independent directors who are nominated from ICICI Bank and two are whole time directors.
Two members--managing director and CEO Shilpa Kumar and executive director Ajay Saraf are the whole-time directors on the board of ICICI Securities.
ICICI Securities, headquartered in Mumbai, offers financial services including brokerage, financial product distribution and investment banking, catering to both retail and institutional clients.
During fiscal ended March 2018, the company was listed on the stock exchanges through the initial public offer (IPO).
The IPO was completed through an offer for sale by holding company ICICI Bank.
(With inputs from PTI)