Private sector banking major ICICI Bank has approved the appointment of veteran banker and former market regulator Ashwani Bhatia as an Additional Independent Director on its Board. The decision reflects the bank’s continued focus on strengthening corporate governance and enhancing the depth of expertise available at the board level.
The appointment was approved through a resolution passed on June 1, 2026, and remains subject to shareholder approval. Upon receiving the necessary approvals, Bhatia is expected to serve on the board until May 31, 2031.
Veteran Banking and Regulatory Professional Joins ICICI Bank Board
Ashwani Bhatia brings an extensive background in banking, financial markets, asset management, and regulatory oversight. His career spans more than 40 years, making him one of the most experienced professionals in India’s financial services sector.
His appointment comes at a time when the banking industry is navigating evolving regulatory requirements, digital transformation initiatives, and increasing integration between financial markets and banking services. His combined experience as both a banker and regulator is expected to add significant value to the bank’s strategic decision-making process.
Key Role at SEBI
Before joining ICICI Bank’s board, Bhatia served as a Whole-Time Member of the Securities and Exchange Board of India between June 2022 and May 2025.
During his tenure at the capital markets regulator, he supervised several critical divisions, including:
Debt and hybrid securities
Alternative investment funds (AIFs)
Foreign portfolio investors (FPIs)
Market intermediaries
Corporate finance investigations
Investor education and assistance
His regulatory experience provided direct exposure to some of the most important developments shaping India’s financial ecosystem, including capital market reforms, investor protection measures, and market supervision initiatives.
Nearly Four Decades with State Bank Group
Prior to his regulatory role, Bhatia spent almost 37 years with State Bank of India and its associated entities.
He joined SBI as a Probationary Officer in 1985 and gradually rose through the ranks, holding leadership positions across multiple business functions. Throughout his career, he gained experience in:
Treasury management
Retail banking
Corporate lending
Credit operations
Investment banking
Asset management
His journey culminated in his appointment as Managing Director of SBI, one of the most senior executive positions within India’s largest public sector bank.
Leadership in Asset Management
One of the notable phases of Bhatia’s career was his tenure as Managing Director and Chief Executive Officer of SBI Funds Management Limited.
During this period, he played an important role in expanding the mutual fund business and strengthening the firm’s presence within India’s rapidly growing asset management industry. His experience in investment management and capital markets adds another dimension to his professional profile.
Educational Background
Bhatia’s academic foundation combines science and management studies. He holds a Bachelor of Science degree in Physics and Mathematics from Dayalbagh Educational Institute, Agra.
He later completed his Master of Business Administration (MBA) from the R.A. Podar Institute of Management in Jaipur, equipping him with expertise in management and finance.
Governance and Regulatory Compliance
As part of its regulatory disclosure, ICICI Bank confirmed that Ashwani Bhatia is not related to any existing director of the bank. The bank also stated that no regulatory authority, including SEBI, has debarred him from holding the office of director.
The disclosure was made in compliance with SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, ensuring transparency regarding board appointments and governance practices.
Significance for ICICI Bank
The addition of a seasoned professional like Ashwani Bhatia enhances ICICI Bank’s board strength by bringing expertise from multiple areas of the financial sector. His experience across commercial banking, capital markets, regulation, and asset management provides a broad perspective that can support the bank’s long-term strategic objectives.
As financial institutions continue to operate in an increasingly complex environment shaped by technology, regulatory changes, and global market developments, independent directors with deep industry knowledge play a critical role in guiding governance and risk management frameworks.
Conclusion
ICICI Bank’s decision to appoint Ashwani Bhatia as an Independent Director reflects its commitment to strong governance and experienced leadership. With a distinguished career spanning banking, asset management, and financial regulation, Bhatia is expected to contribute valuable insights to the bank’s board. Subject to shareholder approval, his tenure will extend until May 2031, providing long-term continuity and expertise at the board level.
Summary:
ICICI Bank has approved the appointment of veteran banker and former SEBI Whole-Time Member Ashwani Bhatia as an Additional Independent Director on its Board. Subject to shareholder approval, his tenure will run from June 2026 to May 2031. With more than four decades of experience spanning banking, asset management, capital markets, and financial regulation, Bhatia’s appointment is expected to strengthen the bank’s governance framework and strategic oversight.
Disclaimer:
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