ICICI Bank Ltd announced on Monday that its board has approved the appointment of Ashwani Bhatia as an Additional (Independent) Director for a five-year term from June 1, 2026 to May 31, 2031, subject to shareholder approval. According to the bank's regulatory filing, the appointment was approved through a resolution passed by circulation at 1:51 p.m. on June 1, 2026. The appointment brings significant regulatory and banking expertise to the private sector lender's board, with the bank clarifying that Bhatia has no ties to current directors and isn't barred by SEBI or any other authority. As per the latest disclosure, Bhatia holds a DIN of 07423221 and possesses extensive experience across treasury operations, retail banking, credit, investment banking and asset management.
Bhatia brings extensive regulatory experience to his new role, having served as a Whole Time Member at SEBI from June 2022 to May 2025. During his tenure at the Securities and Exchange Board of India, he oversaw critical departments including debt and hybrid securities, alternative investment funds, foreign portfolio investors, market intermediaries regulation and supervision, corporation finance investigations, and investor assistance and education. During his tenure at SEBI, Bhatia passed a significant number of impactful orders ranging from fund diversion, corporate governance, to stock manipulation, and many more. Prior to his regulatory career, Bhatia spent nearly 37 years with the State Bank Group after joining as a probationary officer in 1985. His career includes serving as the Managing Director of State Bank of India and earlier as Managing Director and CEO of SBI Funds Management Ltd. Bhatia's distinguished career spans over 40 years in financial markets and banking, with his expertise covering treasury operations, retail banking, credit, investment banking, and asset management.
Bhatia retired as Managing Director of State Bank of India and had earlier served as Managing Director and CEO of SBI Funds Management Ltd. His diverse experience spans treasury operations, retail banking, credit, investment banking and asset management. He holds a Bachelor of Science degree in Physics and Mathematics from Dayalbagh University, Agra, and an MBA from Podar Institute of Management, Jaipur. The appointment is expected to strengthen the bank's governance and strategic oversight, with Bhatia's regulatory background at SEBI likely to influence ICICI Bank's compliance and risk management strategies. His extensive experience across banking operations, asset management, treasury, credit and financial market regulation is expected to enhance the board's expertise in these critical areas.
Shares of ICICI Bank Ltd closed at ₹1,238.60 on the NSE on June 1, 2026, declining 1.42% or ₹17.80 from the previous close. The market reaction occurred on the same day as the board announcement, reflecting investor response to the new appointment news despite Bhatia's impressive credentials and regulatory background. The appointment was disclosed to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In line with regulatory requirements, this information has been disseminated to various stock exchanges and regulatory bodies.
