Tough days are not getting over for ICICI Bank. The market regulator – SEBI, has issued a strict warning to ICICI Bank over compliance issues.
ICICI Bank has received an administrative warning from the Securities and Exchange Board of India (SEBI) for certain compliance issues.
According to the bank, SEBI sent a letter on May 4, 2026, pointing out some non-compliances related to its role as a depository participant.
These issues were found during a regular inspection conducted jointly by SEBI and depositories. The bank said that it is taking necessary corrective steps to address the concerns raised by SEBI.
ICICI Bank is embroiled in a big controversy. Senior Advocate Prashant Bhushan has requested RBI and Govt not to extend tenure of ICICI MD&CEO Sandeep Bakhshi. He has made very serious allegations against Sandeep Bakhshi. Click here to read this news.
Prashan Bhushan said that the RBI imposed several penalties on ICICI Bank during the tenure of Sandeep Bakhshi.
Prashant Bhushan said that several financial frauds have been reported during the tenure of Sandeep Bakhshi.
Such a huge number of frauds shows the failure of the bank in saving the money of depositors. Such frauds demonstrate failure of the duties of selection, instruction, monitoring, and supervision.
Labour authorities have found serious problems in the bank’s functioning, highlighting unfair labour practices and violations of the Industrial Disputes Act, 1947. The Labour Ministry noted that the bank failed to provide proper documents to justify its disciplinary actions and did not submit the required records despite repeated directions.
Around 800 employees were marked as “absconding” within just five months, raising serious doubts.
Several complaints of illegal termination were received from across the country, and some employees even approached the National Human Rights Commission. Overall, authorities concluded that the bank’s actions were illegal, inhuman, and unfair, showing a clear failure to follow labour laws and proper employment practices.
There are reports that ICICI Bank has carried out mass terminations, with around 780–800 employees removed from their jobs. This has raised serious concerns about large-scale and arbitrary job cuts.
The situation is more serious because some reports claim that employees took extreme steps like suicide due to continuous workplace pressure, harassment, arbitrary transfers, and poor working conditions.
Many employees were transferred to distant locations without consent and then suddenly placed under WIP without clear reasons.
It is further stated that the pattern of non-compliance is not limited to banking rules but also includes GST laws. ICICI Bank has failed to properly follow GST requirements, leading to heavy tax demands, penalties, and interest from different authorities across the country. For example, a demand of ₹49.11 crore was raised in West Bengal on 15.09.2025, followed by another ₹16.03 crore demand on 30.12.2025.
Much higher demands were raised in Mumbai, including ₹237.90 crore on 17.12.2025 and ₹76.86 crore on 19.03.2026. Additional demands of ₹10.07 crore and ₹5.22 crore were also raised by Maharashtra GST authorities. Altogether, the total demand comes to around ₹1224 crore.
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