ICICI Bank had, in a recent filing to the US SEC, said there was the possibility of increased regulatory scrutiny and reputational risks from these developments, which could materially and adversely impact operations and financial performance. "In such a scenario, her presence on the board of ICICI Securities, while legally compliant, exposes the company to the same risks (as highlighted by ICICI Bank to SEC) and the possibility of legal and regulatory sanctions. We believe she should be reappointed to the board only after all charges against her have been cleared," IiAS said in a report.