Sebi passes consent order on ICICI Bank

Market regulator Securities and Exchange Board of India has passed a consent order against ICICI Bank for failing to disclose their stake sale in Jord Engineers. The bank has paid Rs 100000 towards settlement charges. Sebi had allegd that ICICI Bank one of the major shareholders of Jord Engineers sold its 26% stake to Bharat Kantilal (11.49%) and 3A Capital Services (14.51%) respectively in 2010 but did not make the disclosures on time, thus violating the insider trading rules.