SEBI Looking Into Alleged Violations In ICICI Securities IPO, Says Ajay Tyagi

SEBI today said it is looking into alleged violations of code of ethics in the ICICI Securities IPO and has sought details.

ICICI Securities had in March reduced the size of its initial public offer to a little over Rs 3,500 crore after the sale elicited a sluggish response, especially from high net-worth individuals.

On a question about whether SEBI was conducting any investigation in the alleged violation of code of ethics in ICICI Securities IPO, chairman Ajay Tyagi said, “We are looking into that, we have sought some information from them and we are yet to get their reply.” There are allegations that ICICI AMC took a late stake in the company’s IPO.

The size of the initial public offer – the fourth one from the ICICI Group – was reduced in the wake of sluggish response. The price band for the offer was fixed at Rs 519-520 per share.

ICICI Securities shares got listed on the bourses on April 4, this year.