SAT Modifies Order to Shield ICICI Bank Secretarial Portal and Internal Data in Chanda Kochhar Proceedings — October 9, 2026

In a major legal and operational reprieve for ICICI Bank Limited, the Securities Appellate Tribunal (SAT) has modified its earlier directive and set aside the requirement granting former Managing Director and Chief Executive Officer Chanda Kochhar inspection access to the lender’s internal secretarial portal and proprietary server records.

The order was passed by a SAT bench comprising Presiding Officer Justice P. S. Dinesh Kumar, along with Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar, following a review plea filed by ICICI Bank.

Background of the Dispute

The controversy stems from the ongoing regulatory proceedings initiated by the Securities and Exchange Board of India (SEBI) regarding credit facilities and approvals granted to the Videocon Group during Chanda Kochhar’s tenure at the helm of ICICI Bank.

SEBI had initially issued a Show Cause Notice (SCN) in May 2018 to both Kochhar and the bank, before issuing an amended notice in November 2020 solely naming Kochhar as the noticee. Kochhar subsequently challenged SEBI’s personal hearing summons before SAT, seeking complete inspection and copies of documents, including replies, submissions, and underlying files submitted by the bank, alongside direct access to ICICI Bank’s secretarial portal and data stored on its servers.

On May 2, 2025, SAT had ruled in Appeal No. 147 of 2025 that denying Kochhar inspection of materials submitted in connected proceedings violated the principles of natural justice. The tribunal had directed SEBI to furnish copies of the notices issued to ICICI Bank and allow Kochhar to inspect relevant submissions, while also directing access to the bank's secretarial portal and internal digital records pertaining to the Videocon transactions.

ICICI Bank's Review Plea

Aggrieved by the direction opening its core digital infrastructure and internal repositories to a former executive facing enforcement action, ICICI Bank moved SAT through Review Application No. 021 of 2025.

The lender was represented by Senior Advocate Darius Khambata along with law firm Trilegal, while SEBI was represented by Agama Law Associates and Kochhar by Senior Advocate Pesi Modi.

The bank argued against permitting external or former personnel access to its internal platforms:

• Data Confidentiality: The secretarial portal houses highly sensitive corporate disclosures, privileged board deliberations, and proprietary institutional records beyond the scope of any single regulatory probe.
• Jurisdictional and Ownership Limits: The data stored on internal bank servers constitutes proprietary private property of the bank, which was neither seized nor placed in custody by SEBI.
• Separation of Entities: Following Kochhar’s removal, the lender operates as an independent institution, and regulatory scrutiny against a former executive should not compromise the cybersecurity or confidentiality of internal banking systems.

Upon evaluating these submissions, the tribunal accepted the lender's review contentions and set aside the portion of the directive requiring access to ICICI Bank’s secretarial portal and internal electronic servers.

Market and Governance Impact

For Indian equities and the banking sector, the decision sets an important legal benchmark regarding regulatory disclosure boundaries:

• Protection of Corporate Data: The modification reaffirms that the right to a fair defence under administrative law does not provide an unfettered licence to browse through a financial institution's live secretarial archives or internal network drives.
• Relief from Reputational and Compliance Exposure: The ruling insulates ICICI Bank from potential leakages of privileged board discussions and legacy compliance documentation.
• SEBI Adjudication Clarity: While SEBI must still ensure that all relevant evidentiary materials relied upon in the show-cause notice are disclosed, commercial lenders will not be forced to provide open-ended portal access to former management personnel.

Tags: ICICI Bank Securities Appellate Tribunal SEBI Banking Sector Chanda Kochhar Corporate Governance