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Securities and Exchange Board of India (SEBI) has issued a warning letter to ICICI Bank for allowing a foreign portfolio investor (FPI) to repatriate funds before the completion of the committed retention period under the Voluntary Retention Route (VRR), according to a stock exchange filing on Thursday.
The bank said SEBI, through a letter dated June 1, 2026, flagged the violation in its capacity as a custodian. The regulator found that one FPI was permitted to repatriate funds ahead of the mandatory retention period, contrary to the Reserve Bank of India's Master Direction dated January 7, 2025, and the SEBI (Foreign Portfolio Investors) Regulations, 2019.
ICICI Bank stated that the warning letter has no material impact on its financial position, operations, or other business activities. The lender also disclosed that the filing was submitted after the prescribed timeline due to an inadvertent internal delay.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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