SEBI Warns ICICI Bank for FPI Fund Repatriation Before Lock-In Period Ends

ICICI Bank Limited received a warning letter from the Securities and Exchange Board of India (SEBI) on June 1, 2026, regarding a violation of custodian duties related to Foreign Portfolio Investor (FPI) fund repatriation. The regulatory action was taken because the Bank permitted one FPI to repatriate funds prior to the completion of the committed retention period — commonly referred to as the lock-in period — under the Voluntary Retention Route. This action violated the Reserve Bank of India Master Direction dated January 7, 2025, and the SEBI (Foreign Portfolio Investors) Regulations, 2019.

The disclosure was submitted to the stock exchanges on June 4, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Bank noted that the information could not be provided within the prescribed timeline due to an inadvertent internal delay. Despite the regulatory breach, ICICI Bank confirmed that there is no material impact on its financial, operational, or other activities.

Regulatory References

The warning letter cites specific regulatory frameworks that were breached by the Bank's actions as a custodian. The primary regulations involved include the Reserve Bank of India Master Direction and the SEBI (Foreign Portfolio Investors) Regulations, 2019. The following table summarises the key regulatory references:

Regulation	Date	Description
RBI Master Direction	January 7, 2025	Guidelines governing FPI investments and repatriation
SEBI (FPI) Regulations	2019	Regulations governing Foreign Portfolio Investors
SEBI Warning Letter	June 1, 2026	Issued to ICICI Bank for the violation

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.78%	-1.65%	-0.93%	-10.05%	-12.95%	+92.50%

ICICI Bank has witnessed continued block trade activity on the National Stock Exchange (NSE), with nine large transactions now recorded across sessions. The latest deal saw approximately 1,51,131 shares change hands at ₹1219.70 per share, amounting to a total transaction value of ₹18.43 crores. This adds to eight earlier block trades in the bank's shares, which together accounted for a combined value of over ₹2830 crores, bringing the cumulative total across all nine trades to over ₹2848 crores.

Block Trade Details

The following table summarises the key parameters of all block trades recorded on the NSE for ICICI Bank:

Parameter:	Trade 1	Trade 2	Trade 3	Trade 4	Trade 5	Trade 6	Trade 7	Trade 8	Trade 9
Exchange:	NSE	NSE	NSE	NSE	NSE	NSE	NSE	NSE	NSE
Number of Shares:	~1,85,55,221	~6,59,427	~13,25,569	~5,00,849	~1,30,142	~2,72,703	~3,76,742	~10,28,433	~1,51,131
Trade Price:	₹1234.20 per share	₹1233.90 per share	₹1246.00 per share	₹1234.50 per share	₹1289.30 per share	₹1296.00 per share	₹1283.50 per share	₹1279.70 per share	₹1219.70 per share
Total Trade Value:	₹2290.09 crores	₹81.37 crores	₹165.17 crores	₹61.83 crores	₹16.78 crores	₹35.34 crores	₹48.35 crores	₹131.61 crores	₹18.43 crores

Block trades of this nature typically involve large institutional participants and are executed outside the regular order book to minimise market impact. The sustained block trade activity in ICICI Bank shares reflects continued institutional interest in one of India's leading private sector banking institutions.