US SEC steps up investigation into ICICI Bank’s accounting practices

The US markets regulator Securities and Exchange Commission (US SEC) has intensified its investigation into alleged wrongdoings at India’s second-largest private lender ICICI Bank Ltd, according to two people familiar with the development. US SEC officials spoke to top ICICI Bank executives, including chief financial officer Rakesh Jha and general manager Rajendra Khandelwal, twice in the past few months, the most recent one being about two weeks ago.