ICICI Bank Appoints Ashwani Bhatia as Independent Director

ICICI Bank Appoints Ashwani Bhatia as Additional Independent Director

ICICI Bank Ltd. has announced the appointment of Ashwani Bhatia as an additional independent director on its board for a five-year term. The appointment, approved by the bank's board of directors through a resolution passed by circulation on June 1, 2026, will be effective from June 1, 2026, until May 31, 2031.

Bhatia has more than four decades of experience in banking, financial markets, and regulation. Prior to his appointment as a Whole-Time Member of the Securities and Exchange Board of India (SEBI) from June 2022 to May 2025, he spent nearly 37 years with the State Bank Group.

Background and Experience

Read also: SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire

Bhatia joined State Bank of India (SBI) as a Probationary Officer in 1985 and went on to hold several leadership positions across banking and financial services. He retired as Managing Director of SBI after serving in a range of senior roles. Before that, he was Managing Director and Chief Executive Officer of SBI Funds Management Ltd., the asset management arm of the SBI Group.

During his tenure at SEBI, Bhatia oversaw key departments including Debt and Hybrid Securities, Alternative Investment Funds and Foreign Portfolio Investors, Market Intermediaries Regulation and Supervision, Corporation Finance Investigation, and Investor Assistance and Education. He passed a significant number of impactful orders ranging from fund diversion, corporate governance, to stock manipulation, and many more.

Appointment Details

The appointment of Bhatia as an additional independent director on ICICI Bank's board is subject to the approval of the Reserve Bank of India (RBI) and other regulatory authorities. The bank stated in a regulatory filing that Bhatia is not related to any director of ICICI Bank and is not debarred from holding the office of director by SEBI or any other regulatory authority.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data