ICICI GROUP

CODE OF BUSINESS CONDUCT
AND ETHICS

















|Topic | Page
    No.
|----- | ------------



|1.  | Preamble                                                 | 02
|--- | -------------------------------------------------------- | --
|    |                                                          |   
|2.  | Conflicts of Interest and Outside Activities             | 03
|    |                                                          |   
|3.  | Privacy / Confidentiality                                | 05
|    |                                                          |   
|4.  | Anti Bribery and Anti Corruption/Gifts and Entertainment | 07
|    |                                                          |   
|5.  | Personal Investments                                     | 09
|    |                                                          |   
|6.  | Know Your Customer / Anti Money Laundering               | 10
|    |                                                          |   
|7.  | Accuracy of Company Records and Reporting                | 11
|    |                                                          |   
|8.  | Protecting ICICI Group's Assets                          | 12
|    |                                                          |   
|9.  | Workplace Responsibilities                               | 13
|    |                                                          |   
|10. | Raising Ethical Issues                                   | 16
|    |                                                          |   
|11. | Special Responsibilities of Superiors and
    Managers   | 17
|    |                                                          |   
|12. | Compliance with Laws, Rules and Regulations              | 18
|    |                                                          |   
|13. | Key Irregularities                                       | 19
|    |                                                          |   
|14. | Disciplinary Procedures                                  | 22
|    |                                                          |   
|15. | Compliance with the Code                                 | 25
|    |                                                          |   
|16. | Appendix: Duties of Directors                            | 28
|    |                                                          |   
|17. | Employee Declaration                                     | 30





1





Preamble



| | • | ICICI
                                         Group expects all its employees, officers and Directors to act in accordance with high
                                         professional and ethical standards. You must be, and be seen to be, committed to integrity
                                         in all aspects of your activities and comply with all applicable laws, regulations and
                                         internal policies.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | In
                                         accepting a position with ICICI Group or any of its subsidiaries, each of you become
                                         accountable for compliance with the law, with the ICICI Group Code of Business Conduct
                                         and Ethics (‘the Code’), and with policies of your respective business units.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | The
                                         standards of the Code are not necessarily prescribed by the regulators - they are something,
                                         which a well respected institution must have in place and adhere to on an ongoing basis.
                                         We therefore expect a high level of ethical conduct.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         must conduct your duties according to the language and spirit of this Code and seek to
                                         avoid even the appearance of improper behaviour. Your actions need to demonstrate and
                                         evidence the principle of acting in good faith and without negligence. You should be
                                         aware that even well intentioned actions that violate the law or this Code may result
                                         in negative consequences for ICICI Group and for the individuals involved.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | While
                                         covering a wide range of business practices and procedures, these standards cannot and
                                         do not cover every issue that may arise, or every situation where ethical decisions must
                                         be made, but rather set forth key guiding principles that represent ICICI Group’s
                                         policy.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2





Group
Code of Business Conduct and Ethics



Conflict
of Interest and Outside Activities



Conflicts
Of Interest – General Principles



| | • | Conflicts
                                         of interest can occur if our business practices sacrifice interests of one set of customers
                                         in favour of another or place business interests ahead of customers.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | To
                                         address such situations, the Bank has adopted a Framework for Managing Conflict of Interest
                                         which articulates several measures taken by the Bank in ensuring that conflicts of interest
                                         are handled in an appropriate manner, at the individual employee level, at the level
                                         of Board of Directors and at the Group level.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | If
                                         you are aware of any circumstances which you think may give rise to a conflict of any
                                         kind, or if you become aware of information which places you in difficulty in carrying
                                         out your function (for example, if you obtain confidential information about a company),
                                         you must handle the same as per the conflict of interest framework applicable to your
                                         Company.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | As
                                         part of its management of conflict of interest, the Bank has put in place a process approved
                                         by its Product and Process Approval Committee viz., the “Operational Framework
                                         for Chinese Wall” for ensuring that confidential information is appropriately secured
                                         and decisions and service to clients are independent of such confidential information.
                                         There are information barriers between departments that routinely have access to confidential
                                         / non - public Information ("Insider Areas") from those who do not have such
                                         access ("Public Areas"). As a general principle, “Insider areas”
                                         should refrain from sharing any information with anybody in the “Public Areas”.
                                         However, in case the need is felt, the procedure for crossing the wall including obtaining
                                         prescribed approvals needs to be followed.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | You
                                         would be expected to be sensitive to any activities, interests or relationships that
                                         might interfere with or even appear to interfere with, your ability to act in the best
                                         interests of ICICI Group and its customers.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         must disclose to the HR of your company, annually, a statement that you have no material
                                         interest or any other conflicting interests, in any person who is a party to a material
                                         contract or proposed contract with ICICI Group. In case of any doubt in regard to the
                                         extent of disclosure applicable, kindly contact the HR department.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Examples
                                         of situations that could involve conflicts of interest include:
| | - | -----------------------------------------------------------------------------------------------------------------



| | o | Selling
                                         a product that is profitable for the Group but not appropriate for the customer;
| | - | ---------------------------------------------------------------------------------------------------------------------------------



3





| | o | Ownership,
                                         by employees or their family members, of a significant interest in any outside enterprise,
                                         which does or seeks to do business with or is a competitor;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | o | Acting
                                         as a broker, finder, go-between or otherwise for the benefit of a third party in transactions
                                         involving or potentially involving the Group or its interests;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | o | Working,
                                         in any capacity, for a competitor, customer, supplier or other third party while employed
                                         by ICICI Group;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | o | Competing
                                         with ICICI Group for the purchase or sale of property, products, services or other interests;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------



| | o | Having
                                         an interest in a transaction involving the Bank, a competitor, customer or supplier (other
                                         than as an employee, officer or director of the Bank and not including routine investments
                                         in publicly traded companies);
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | o | Receiving
                                         a loan or guarantee of an obligation as a result of your position with the Bank;
| | - | -----------------------------------------------------------------------------------------------------------------------------------



| | o | Directing
                                         business to a supplier owned or managed by, or which employs, a relative or friend.
| | - | --------------------------------------------------------------------------------------------------------------------------------------



Conflicts
of interest arising out of personal Investments



While
undertaking personal investments, it should be borne in mind that such investments should not:





| | • | Affect
or appear to affect your ability to make unbiased business decisions for ICICI Group;
| | - | --------------------------------------------------------------------------------------------





| | • | Be
                                         contrary to ICICI Group's interests (e.g. using proprietary knowledge obtained through
                                         the course of employment to make investments that are not in the best interest of the
                                         ICICI Group);
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Be
                                         in the businesses of ICICI Group’s customers, suppliers, or competitors that could
                                         cause divided loyalty, or even the appearance of divided loyalty.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Please
refer to the section on personal investments for further guidelines in relation to adherence to the Code of Conduct for Prevention
of Insider Trading.



Conflicts
of interest through outside business activities



| | • | Due
                                         to potential conflicts with ICICI Group, you must obtain approval from Committee of Directors
                                         (or an appropriate internal committee in case of other entities in ICICI Group) before
                                         you accept a position as a director of an
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



4





unaffiliated
for-profit company or organization or when you work with a professional organisation/ association outside ICICI Group.



| | • | Working
                                         with professional organisations/ associations does not typically create a conflict of
                                         interest where :
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | The
                                         work is related to the legitimate professional interest and development of the employee
                                         and does not interfere with the employee’s regular duties;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Does
                                         not use official resources inappropriately (either physical resources or time);
| | - | -----------------------------------------------------------------------------------------------------------------------------



| | • | Does
                                         not compete with the work of ICICI Group and is not otherwise contrary to the best interests
                                         of the Group;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Does
                                         not violate national, international or local law.
| | - | -----------------------------------------------------------------------------------------------





| | • | It
                                         may however be mentioned that, while undertaking outside activities, you should not use
                                         ICICI Group name, facilities, or relationships for personal benefit. Further any employee
                                         accepting an appointment, as director of an unaffiliated for-profit company/ organisation
                                         must ensure proper treatment of confidential information received from such entity in
                                         connection with being a director.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dos
and Don’ts



Do



| | • | Act
                                         in the best interests of ICICI Group and its customers and handle activities, interests
                                         or relationships in a sensible manner
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Handle
                                         conflicts of interest as per applicable Conflicts of Interest Framework
| | - | -----------------------------------------------------------------------------------------------------------------------





| | • | Submit
                                         an annual statement of Conflicts of Interest to the HR of your Company
| | - | ----------------------------------------------------------------------------------------------------------------------





Don’t



| | • | Undertake
                                         personal investments or outside activities or involve in any financial transaction with
                                         colleagues, customers
                                         or suppliers that would create conflicts of interest
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Privacy/Confidentiality



Proprietary
and Confidential Information



| | • | You
                                         must always protect the confidentiality of proprietary and confidential information (sensitive
                                         to ICICI Group) you obtain or create in connection with your activities for ICICI Group,
                                         in accordance with the applicable law. Your obligation to protect ICICI Group’s
                                         proprietary and confidential information
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



5





continues
even after you leave the Group, and you must return all proprietary information in your possession upon leaving ICICI Group.



| | • | Proprietary
                                         and confidential information include any system, information or process (sensitive in
                                         nature) that gives ICICI Group an opportunity to obtain an advantage over competitors;
                                         nonpublic information about ICICI Group businesses, its customers and its employees,
                                         any other nonpublic information received.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Proprietary
                                         and confidential information about ICICI Group, a customer, supplier or distributor,
                                         should not be disclosed (even with best of intentions) to anyone (including other employees)
                                         not authorized to receive it or has no need to know the information, unless such disclosure
                                         is authorized by the customer or is required by law, appropriate legal process or appropriate
                                         internal authorities.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Intellectual
                                         property of ICICI Group such as trade secrets, patents, trademarks and copyrights, as
                                         well as business, research and new product plans, objectives and strategies, records,
                                         databases, salary and benefits data, employee medical information, customer, employee
                                         and suppliers lists and any unpublished financial or pricing information are some examples
                                         of proprietary and confidential information that need to be protected.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Unauthorized
                                         use or distribution of proprietary information violates the internal policies and could
                                         be illegal. Such use or distribution could result in negative consequences for both ICICI
                                         Group and the individuals involved, including potential legal and disciplinary actions.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Acts
                                         of ignorance that could lead to leakage of such proprietary information, especially through
                                         electronic means – like e-mails, web uploads, removable media (e.g. CD/DVD/pen
                                         drive) etc., may lead to investigation and probe against the employees.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | It
                                         is your responsibility to protect proprietary and confidential information (sensitive
                                         in nature) pertaining to the Bank or its customers in a manner commensurate with its
                                         classification as per the principles enunciated in the Information Security Policy, Standards
                                         & Procedures of ICICI Group.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | ICICI
                                         Group reserves the rights to monitor its employees’ activities on ICICI owned assets.
| | - | ------------------------------------------------------------------------------------------------------------------------------------









| | • | We,
                                         at ICICI Group, respect the proprietary rights of other companies and their proprietary
                                         information and require you also to observe such rights.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Privacy
of Employee Information



At
ICICI Group, we recognise and protect the privacy and confidentiality of employee medical and personal records. Such records would
be shared strictly on need to know basis or as required by any law, rule and regulation or when authorized by the



6





employee
or as per subpoena or court order and requires approval by internal counsel.



Dos
and Don’ts



Do



| | • | Properly
                                         control access to your work areas and computers and keep sensitive information safe and
                                         secured in all forms, physical or electronic
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Ensure
                                         appropriate destruction of information (both physical or electronic) when the same is
                                         not required for work anymore
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Obtain
                                         any relevant information directly from the person concerned
| | - | -----------------------------------------------------------------------------------------------------------





| | • | Access
                                         to information or data by outsourced will also be subjected to the relevant employee’s
                                         accountability, in case such data is misused
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Keep
                                         customer information secured at all times and uphold ICICI Group Privacy promise for
                                         customers
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Limit
                                         access to non-public information strictly to authorised personnel on a ‘need to
                                         know’ basis
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Comply
                                         with local data protection and privacy laws that affect the collection, use and transfer
                                         of personal customer information
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | While
                                         accessing Intranet and Internet, ensure compliance with internal policies and procedures
| | - | ---------------------------------------------------------------------------------------------------------------------------------------



| | • | Ensure
                                         that worldwide electronic information exchange and dialogue, electronic business dealings
                                         are all as per internal policies and procedures
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Report
                                         information security incidents such as suspicious emails, individual password sharing,
                                         data leakage or data theft, phishing or malware attacks, hacking attempts etc. through
                                         the reporting mechanisms of ICICI Group.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Don’t



| | • | Discuss
                                         sensitive matters or confidential information in public places
| | - | ---------------------------------------------------------------------------------------------------------------



| | • | Violate
                                         the Information Security Policy applicable to your Company
| | - | -----------------------------------------------------------------------------------------------------------



| | • | Transfer
                                         official information into personal databases or carry hard copies of official information
                                         (otherwise than for official purposes) outside the office, without prior permission from
                                         your superior
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Pass
                                         information, in any manner, directly or indirectly to any recruitment/search agencies
                                         or to competitor or any other organisations
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Share
                                         sensitive information in the subject line or body of e-mails or through unprotected attachments
                                         without proper authorisation and approved controls
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Anti
Bribery and Anti Corruption / Gifts & Entertainment



Accepting
Gifts and Entertainment- General Principles



| | • | In
                                         general, employees should not accept gifts - anything of value (including entertainment
                                         and incentives) from current or prospective customers or suppliers, unless it is in accordance
                                         with the Operational Guidelines for
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



7





Acceptance
of Gifts Entertainment and Sponsored Travel approved by the Product & Process Approval Committee of the Bank. These guidelines
broadly covers following areas:



•
	Gifts

•
	Entertainment and Sponsored Travel

•
	Incentives offers received at the Bank's Level



Offering
of Gifts and Entertainment - General Principles



| | • | Gifts
                                         and/or entertainment should be offered only post appropriate approvals from relevant
                                         senior management and in compliance with the Operational Guidelines for Gifts Entertainment
                                         and Sponsored Travel. These guidelines broadly covers following areas:
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



•
	Gifts

•
	Entertainment, Hospitality and other expenses

•
	Donations



Bribery
and Corruption



| | • | Bribery/Corruption
                                         is defined as receiving or offering of an undue reward from/to any third party.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------





| | • | You
                                         must note that ICICI Group follows zero tolerance approach towards Bribery and Corruption.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------





| | • | You
                                         must not make any payment to or for anyone for the purpose of obtaining or retaining
                                         business or for obtaining any favourable action. If you are found to be involved in making
                                         such payments, you would be subject to disciplinary action as well as potential civil
                                         or criminal liability for violation of the Code.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         should not offer or give any funds or property as donation to any government agency or
                                         its representatives, in order to obtain any favourable performance of official duties.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | While
                                         you are expected to put in best of your efforts in every transaction, you will not be
                                         penalised by ICICI Group for delayed performance of a transaction solely on the grounds
                                         of refusal to pay bribes.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         should familiarise yourself and comply with the Bank's Anti Bribery and Anti Corruption
                                         Policy which is available on the Intranet. You should contact the Compliance Group with
                                         any questions on the matter.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dos
and Don’ts



Do



8









| | • | Accept
                                         or offer any gift and/or entertainment only in line with the Code and the Operational
                                         Guidelines for Gifts Entertainment & Sponsored Travel
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Adhere
                                         to Bank’s Anti-Bribery & Anti- Corruption Policy.
| | - | -------------------------------------------------------------------------------------------------





Don’t





| | • | Make
                                         any payment to or for anyone that could tantamount to bribe/corruption
| | - | --------------------------------------------------------------------------------------------------------------------





| | • | Receive/accept
                                         a gift, entertainment, etc. from a prospective customer of the Bank
| | - | ---------------------------------------------------------------------------------------------------------------------------



| | • | Offer
                                         gifts and/or entertainment to any person for the purpose of obtaining or retaining business
                                         or for influencing any decision or action of the recipient in an improper manner
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Personal
Investments



| | • | To
                                         protect the integrity of ICICI Group and its subsidiaries and affiliates, it is essential
                                         that you conduct your personal trading as per Code of Conduct for Prevention of Insider
                                         Trading (Insider Trading Code) under SEBI guidelines, in an appropriate manner that withstands
                                         public scrutiny and does not create even the appearance of impropriety.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | ICICI
                                         Group policy and the laws of many countries prohibit trading in securities of any company
                                         while in possession of material, non-public information (also known as inside information)
                                         of any company. Employees of certain ICICI Group businesses are subject to additional
                                         personal trading policy restrictions.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         should note that using non-public information to trade in securities, or providing a
                                         family member, friend or any other person with a “tip”, is illegal. All on
                                         public information should be considered inside information and should never be used for
                                         personal gain.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         are required to familiarise yourself and comply with the Bank's Code of Conduct for Prevention
                                         of Insider Trading (or such other Code applicable to your Company), copies of which are
                                         available on the Intranet or from the Company Secretary. You should contact the Company
                                         Secretary with any questions about your ability to buy or sell securities.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Investments
                                         in securities should be made as per the Insider Trading Code, of the respective company.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------



Dos
and Don’ts



Do



| | • | Ensure
                                         adherence to the Code for Prevention of Insider Trading applicable to your Company
| | - | ----------------------------------------------------------------------------------------------------------------------------------



9





Don’t





| | • | Handle
                                         personal investments while in possession of “Insider information”
| | - | -----------------------------------------------------------------------------------------------------------------







Know
Your Customer / Anti Money Laundering



| | • | Anti
                                         Money Laundering & Combating Financing of Terrorism legislations criminalize flow
                                         of money of/from the specified crimes including trafficking of any kind (e.g.: drug,
                                         human, animal, organs, body parts, etc.), terrorism, theft, fraud, handling of stolen
                                         goods, counterfeiting, etc. It is also an offence to undertake and/or facilitate transactions
                                         with individuals and entities whom you suspect of being involved in money laundering
                                         or terrorist financing (ML/TF). In such cases, escalate your concerns to the Compliance
                                         team responsible for your units.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | ICICI
                                         Group does not do business with persons suspected to be involved in ML/TF. We are fully
                                         aware that no customer relationship is worth compromising our commitment to combating
                                         ML/TF.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | ICICI
                                         Group has adopted the Group Anti Money Laundering (AML) and Combating Financing of Terrorism
                                         (CFT) Policy accompanied by detailed procedures with the principal objectives as under:
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



o
Preventing ICICI Group from being used by money launderers to further their illicit business;

o
Enabling ICICI Group to assist law enforcement agencies in identifying and tracking down money launderers;

o
Ensuring that ICICI Group remains compliant with all relevant anti-money laundering legislation and regulations.



| | • | You
                                         must exercise requisite care in selecting those with whom we conduct business. While
                                         conducting business, you must adhere to processes which are in place for checking the
                                         identity and complete profile of the customers and counter parties as per guidelines.
                                         In case of unusual transactions which are not of regular nature, care should be exercised
                                         and reasons for undertaking that transaction should be analysed/documented with appropriate
                                         internal approvals. These processes ensure adequate customer due diligence and ongoing
                                         monitoring of their transactions. This is done to detect suspicious transactions during
                                         the entire period of relationship.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







Dos
and Don’ts



Do



| | • | Ensure
                                         adherence to the Group Anti Money Laundering Policy
| | - | ---------------------------------------------------------------------------------------------------





| | • | Undergo
                                         relevant training to update yourself on applicable internal KYC/AML guidelines
| | - | -------------------------------------------------------------------------------------------------------------------------------







10





| | • | Exercise
                                         requisite due diligence while accepting a customer and undertaking a transaction and
                                         make reasonable enquiries in case of doubt
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Escalate
                                         all suspicious activities/ transactions (including attempted/aborted transactions) where
                                         ML/TF is suspected regardless of the amount involved or the nature of the offence as
                                         per the applicable internal procedures. Failure to report suspicious transactions despite
                                         having knowledge is an offence under law.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







Don’t



| | • | Provide
                                         assistance to any person to launder proceeds of any criminal conduct
| | - | ---------------------------------------------------------------------------------------------------------------------







| | • | Prejudice
                                         an investigation by informing (i.e. tipping off) the person who is the subject of a suspicious
                                         transaction
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Attempt
                                         to undertake investigations on your own without the guidance of the relevant officials
                                         when any incident is reported.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Accuracy
of Company Records and Reporting



| | • | You
                                         must ensure that records, data and information owned, collected, used and managed by
                                         you for ICICI Group are accurate and complete. Records must be maintained as per the
                                         applicable record retention policy of your Company in sufficient detail so as to reflect
                                         accurately the company's transactions.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         must assist in maintenance of appropriate records so as to ensure that financial transactions
                                         are prepared in accordance with generally accepted accounting principles and that they
                                         fairly present the financial conditions and results of the company.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | You
                                         must observe high standards of decency regarding content and language when creating business
                                         records and other documents (such as email) that may be retained by ICICI Group or a
                                         third party.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Non-maintenance
                                         of these records that comes into your notice and any misappropriation or tampering of
                                         records needs to be reported to a relevant authority.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Reporting
to Government/external agencies



| | • | ICICI
                                         Group has a responsibility to communicate effectively with shareholders so that they
                                         are provided with full, accurate and timely information, in all material respects, about
                                         the ICICI Group’s financial results and condition of operations. Our reports and
                                         documents are required to be filed with or submitted to regulatory authorities in various
                                         countries. Hence, such reports and any other public communications should be full, fair,
                                         accurate, timely and understandable.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







11





| | • | You
                                         must, therefore, never make inaccurate or misleading reports, certificates, claims or
                                         statements to government / regulatory authorities.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dos
and Don’ts



Do



| | • | Make
inaccurate reports to the applicable government/regulatory authorities
| | - | ---------------------------------------------------------------------------





| | • | Assist
                                         in preparation of true and fair financial statements of the company
| | - | -------------------------------------------------------------------------------------------------------------------





| | • | Crosscheck
                                         the reports being submitted to regulatory authorities; in case there are any errors found,
                                         report to the relevant authority and take corrective action immediately.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Don’t





| | • | Make inaccurate reports to the applicable
                                                                                                    government/regulatory authorities.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Protecting
ICICI Group’s Assets



Protecting
ICICI Group’s assets against loss, theft or other misuse is the responsibility of every employee, officer and Director.
Loss, theft and misuse of ICICI Group’s assets directly impact our profitability. Any suspected loss, misuse or theft should
be reported to your supervisor or the Chief Financial Officer.



Dos
and Don’ts



Do





| | • | Use
                                         ICICI Group assets (physical and intellectual) primarily for official purposes
| | - | ---------------------------------------------------------------------------------------------------------------------------





| | • | Report
                                         any misuse or theft of assets, including instances of data leakage or data theft, by
                                         any employee or outsourced agents of ICICI Group that comes to your notice
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Don’t



| | • | Copy,
                                         sell, use or distribute information, software and other forms of intellectual property
                                         in violation of licenses
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Misappropriate
                                         ICICI Group assets as it is a breach of your duty and may constitute an act of fraud
                                         against ICICI Group
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Use
                                         official resources in another business in which you, a friend or family member is involved
| | - | ---------------------------------------------------------------------------------------------------------------------------------------





| | • | Use
                                         official stationery, supplies, and equipment for personal or political matters
| | - | ---------------------------------------------------------------------------------------------------------------------------





| | • | Introduce,
                                         access or download material considered indecent, offensive, or is related to the production,
                                         use, storage , or transmission of sexually explicit or offensive items using ICICI Group
                                         assets
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



12





| | • | Conduct
                                         any illegal or objectionable activities, including gambling, gaming, etc. using ICICI
                                         Group assets
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Make
                                         any changes to the settings or configurations of ICICI Group assets without authorisation
                                         as per extant process
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Open
                                         attachments or click on links in websites or unexpected emails that come from unknown
                                         or untrusted sources or seem suspicious
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Attempt
                                         to hack or gain illegal access to any ICICI Group assets
| | - | ---------------------------------------------------------------------------------------------------------





| | • | Download
                                         or install freeware or shareware (including screensavers), without authorisation as per
                                         the extant process
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Workplace Responsibilities



Fair Employment
Practices and Diversity



| | • | ICICI
                                         Group is committed to adoption of fair employment practices. It ensures diversity of
                                         workplace through efforts to recruit, develop and retain the most talented people from
                                         a diverse candidate pool. It upholds the principle that advancement is based on talent
                                         and performance and there is a commitment to equal opportunity.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | As
                                         a fair employment practice, we expect that you shall not (during the course of your service
                                         or upon cessation of your service for a period of six months from the date of cessation)
                                         directly or indirectly on your own accord or on behalf or in conjunction with any other
                                         person, convey or solicit or attempt to induce any employee or business associate to
                                         leave their current employment with ICICI Group and join the service of the new employer
                                         or any competitor.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Fair
Competition





| | • | Although
                                         it is common to gather information about the general marketplace, including competitors'
                                         products and services, the Company wants to compete fairly.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Drug
Free Workplace



| | • | You
                                         should ensure that your workplace is healthy and productive and free from drugs.
| | - | -----------------------------------------------------------------------------------------------------------------------------



Discrimination
and Harassment and Intimidation



| | • | ICICI
                                         Group is committed to prohibition of harassment and intimidation of employees in the
                                         workplace. ICICI Group discourages conduct that implies granting or withholding favours
                                         or opportunities as a basis for decisions affecting an individual, in return for that
                                         individual’s compliance. Such action is an easier form of harassment to identify
                                         because it takes the form of either a threat or a promise, whether explicit or implied.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





13





| | • | ICICI
                                         Group has a Sexual Harassment Policy that prohibits unwelcome advances, requests for
                                         sexual favours, or other verbal or physical conduct where such conduct has the purpose
                                         or effect of unreasonably interfering with an individual’s work performance or
                                         creating an intimidating, hostile or offensive working environment.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Safety
in the Workplace





| | • | ICICI
                                         Group considers safety of employees as the primary concern. ICICI Group is committed
                                         to safety of employees and expects its businesses and employees to comply fully with
                                         appropriate laws and internal regulations.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | ICICI
                                         Group encourages responsible behaviour of its employees and colleagues that result in
                                         the best possible accident prevention measures. This applies both to the technical planning
                                         of workplaces, equipment, and processes and to safety management and personal behaviour
                                         in everyday workplace.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Your
                                         work environment, therefore, must conform to the requirements of health oriented safety
                                         design and you must constantly be attentive to safety principles.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Fair
Treatment of counter-parties



| | • | The
                                         quality of our relationships with our suppliers and other external counterparties often
                                         has a direct bearing on the quality of our products, services and ultimately our customer
                                         relationships. We therefore expect our suppliers to operate to the same standards as
                                         we expect of ourselves.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | All
                                         such relationships with external counter-parties should be conducted in professional
                                         and impartial manner. Vendor selection and hiring decisions must be made objectively
                                         and in best interest of ICICI Group, based on evaluation of integrity, suitability, price,
                                         delivery of goods/ service, quality and other pertinent factors. You should commit to
                                         fair contract and payment terms with them in return of good service at a good price supplied
                                         in a responsible manner.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Your
                                         personal relationship with contractors, suppliers and vendors should be disclosed to
                                         your superior at the time of entering into the transaction and should not influence decisions
                                         made on behalf of ICICI Group. Negotiations with customers and potential customers should
                                         be conducted in a professional manner.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Vendors
                                         or suppliers should not be used for any personal purposes, so as to have any conflict
                                         of interest while dealing with them.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Corporate
Opportunities



| | • | Employees,
                                         officers and Directors are prohibited from taking for themselves business opportunities
                                         that arise through the use of corporate property, information or position. No employee,
                                         officer or Director may use corporate
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



14





property,
information or position for personal gain, and no employee, officer or Director may compete with ICICI Group.



| | • | Competing
                                         with ICICI Group may involve engaging in the same line of business as the Group, or any
                                         situation where the employee, officer or Director takes away from the Group opportunities
                                         for sales or purchases of property, products, services or interests.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Contact
with Media



| | • | In
                                         order to pro-actively manage our reputation with the media and to ensure consistency
                                         of messages, interaction with media must only occur with the prior approval of Corporate
                                         Brand and communications Group.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Social
Media



| | • | Social
                                         media allows users to interact with each other by sharing information, opinions, knowledge
                                         and interests. Some examples of social media are sites such as Facebook, YouTube, LinkedIn,
                                         Orkut, Twitter etc.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | There
                                         are various risks associated with communicating on the Social Media platform. Thus, there
                                         is a need to address such concerns in an appropriate manner keeping in mind employee’s
                                         freedom and the interest of the Bank and its wider stakeholders.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Bank’s
                                         Social Media Policy lays down standards employees should adhere to while communicating
                                         internally, externally as well as online.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Dos
and Don’ts



Do





| | • | Ensure
                                         that external, internal & online communications are in line with the Bank’s
                                         Social Media Policy
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Respect
                                         personal dignity, privacy, and personal rights of every individual
| | - | -------------------------------------------------------------------------------------------------------------------







| | • | Work
                                         together with women and men of various nationalities, cultures, religions, and races
                                         in a professional manner
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Be
                                         open and honest and stand by your responsibility
| | - | --------------------------------------------------------------------------------------------







| | • | Treat
                                         our customers, suppliers, competitors and employees fairly
| | - | ---------------------------------------------------------------------------------------------------------







| | • | Maintain
                                         the safe and healthy working environment provided by the company
| | - | ------------------------------------------------------------------------------------------------------------------







| | • | Be
                                         committed to prevent wasteful use of natural resources
| | - | --------------------------------------------------------------------------------------------------





Don’t



| | • | Discriminate,
                                         harass or offend anybody by whatever means, be it sexual or otherwise
| | - | ----------------------------------------------------------------------------------------------------------------------------



15





| | • | Use
                                         ICICI Group systems to transmit or receive electronic images or text of a sexual nature
                                         or containing ethical slurs, racial epithets or other harassing, offensive or lewd materials
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Obtain
                                         competitive information by unethical or illegal means, such as corporate espionage or
                                         improper access to confidential information
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Engage
                                         in contacts with competitors that could create even an appearance of improper agreements,
                                         whether the contact is in person, in writing, by telephone or through e-mail
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Take
                                         unfair advantage of anyone through manipulation, concealment, abuse of privileged information,
                                         misrepresentation of material facts or any other unfair dealing practice
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Do
                                         not issue directives to violate the terms of vendor’s contracts
| | - | -----------------------------------------------------------------------------------------------------------





Raising Ethical Issues



| | • | ICICI
                                         Group encourages employees to report to their supervisor/ HR/ compliance, concerns and
                                         suspected violations of the Code, internal policies, external legal and regulatory requirements
                                         etc. You may choose to remain anonymous if you wish. All significant breaches should
                                         be escalated immediately.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | ICICI
                                         Group will conduct prompt and thorough investigations of alleged violation and take appropriate
                                         corrective action.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Retaliatory
                                         action against an employee for making a good faith report is prohibited.
| | - | -----------------------------------------------------------------------------------------------------------------------------



| | • | HR
                                         takes appropriate actions against individuals who have broken laws, rules and regulations.
| | - | --------------------------------------------------------------------------------------------------------------------------------------



| | • | An
                                         employee who knowingly violates the internal policies and guidelines shall be subject
                                         to disciplinary action, including demotion or dismissal.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | In
                                         case of any doubts in undertaking any new role, assignment or responsibilities, please
                                         ensure all dos and don’ts are well understood, so as to avoid pleading ignorance
                                         by overstepping on some protocols.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Investigations



You
are required to cooperate fully with authorised internal and external investigations. Making false (or misleading) statements
to regulators/ auditors/ ICICI Group representatives during investigations can be a criminal act that can result in heavy penalties.



Dos
and Don’ts



Do



16





| | • | Report
                                         to your supervisor/HR/compliance, concerns and suspected violations of the Code, internal
                                         policies, external legal and regulatory requirements etc
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Don’t



| | • | Knowingly
                                         withhold information that raises ethical questions and bring such issues to the attention
                                         of senior management or ensure reporting as per the applicable Whistle Blower Policy
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Destroy
                                         records that are potentially relevant to a violation of law or any litigation or any
                                         pending, threatened or foreseeable government investigation or proceeding
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Special Responsibilities
of Superiors and Managers



In
addition to responsibilities as employees, supervisors and managers must abide by the:



| | • | Duty
                                         of selection - Carefully select the employees for a job in light of their personal and
                                         professional qualifications. The duty of care increases with the importance of the obligation
                                         to be entrusted to the employee.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Duty
                                         of instruction – Formulate obligations in a precise, complete, and binding manner,
                                         especially with a view to ensure compliance with provisions of instructions.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Duty
                                         of monitoring - Ensure that compliance with provisions of applicable laws / regulations
                                         is monitored on a constant basis.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Duty
                                         of communication – Communicate to the employees that any violations of the applicable
                                         laws/regulations are disapproved of and would have disciplinary implications.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dos
and Don’ts



Do



| | • | Strive
                                         to create and sustain an environment that promotes ethical behaviour
| | - | --------------------------------------------------------------------------------------------------------------------







| | • | Assist
                                         your staff to understand and apply the internal policies and procedures
| | - | -----------------------------------------------------------------------------------------------------------------------





| | • | Encourage
                                         and practice whistle blowing, so as to avoid any doubts later that an offence was being
                                         committed with your knowledge, which could be construed as connivance by the employee
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Don’t





| | • | Issue
                                         directives to violate the terms of internal policies/procedures
| | - | --------------------------------------------------------------------------------------------------------------





17





Compliance with Laws,
Rules and Regulations



| | • | ICICI
                                         Group's Policy is to maintain an open and co-operative relationship with our regulators
                                         and to comply with all applicable laws, rules and regulations. The Group also disseminates
                                         information regarding compliance with laws, rules and regulations that affect business.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Accordingly
                                         the Bank has put in place the Group Compliance Policy as approved by the Board of Directors.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Violation
                                         of the law must be avoided under any circumstances, especially violations that attract
                                         punishment of imprisonment, monetary penalties, or fines. Notwithstanding the legal consequences
                                         of such violation, any employee found guilty will be additionally liable to disciplinary
                                         actions, initiated by the company for violating the Code.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Particular
                                         care should be taken to act legally in those areas where the law is evolving rapidly
                                         or is being extended to cover activities that have not been covered by legal requirements
                                         in the past. When in doubt, the Compliance Group should be consulted.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Independent
                                         Directors of the Bank shall adhere to the duties as provided in Code for Independent
                                         Directors under Schedule IV of the Companies Act, 2013 as well as duties as prescribed
                                         in the Companies Act, 2013 as amended from time to time which shall also form an integral
                                         part of the Code (attached as Appendix) and all Directors and other employees shall ensure
                                         compliance with applicable laws, rules and regulations applicable to them from time to
                                         time.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dos
and Don’ts



Do



| | • | Familiarise
                                         yourself with the ICICI Group Compliance Policy
| | - | ----------------------------------------------------------------------------------------------------





| | • | Comply
                                         with all applicable laws, rules and regulations
| | - | -----------------------------------------------------------------------------------------------



| | • | Contact
                                         with regulators through designated officials as per internal guidelines
| | - | ------------------------------------------------------------------------------------------------------------------------



| | • | Notify
                                         Compliance Group immediately of any significant contacts made directly by a regulator
| | - | -------------------------------------------------------------------------------------------------------------------------------------





Don’t





| | • | Commit
                                         an illegal or unethical act, or instruct others to do so, for any reason
| | - | ------------------------------------------------------------------------------------------------------------------------



| | • | Commit
                                         such acts simply because you see someone else doing it, or your supervisor not warning
                                         you
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





18





Key Irregularities



| | • | While
                                         the Group believes that the employees would realise and appreciate the need to follow
                                         this Code in letter and spirit, in an unfortunate incident or act of breach, a corrective
                                         and/or deterrent action becomes unavoidable. Therefore any breach of the stipulations
                                         mentioned in the Code should be treated as misconduct for which appropriate penalty would
                                         be imposed.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Based
                                         on the intent, seriousness and mitigating/extenuating circumstances of such non-compliance
                                         the breaches can be broadly classified into four categories as detailed hereunder.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A.
Habitual Irregularities



Repeated
negligence in performing duties, depending on the gravity and consequences to the Company may fall under this category. Illustrative
behaviour includes:





| | • | Unpunctual
                                         or irregular attendance, leaving workplace without permission, habitual or prolonged
                                         absence without leave
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Negligence
                                         or failure to take due care while obtaining and preserving documents/records
| | - | --------------------------------------------------------------------------------------------------------------------------------





| | • | Negligence
                                         or failure to ensure accuracy and timely completion of work
| | - | ---------------------------------------------------------------------------------------------------------------



|
|



| | • | Indecent/discourteous
                                         behaviour with customers, employees, superiors etc
| | - | -----------------------------------------------------------------------------------------------------------------



|
|



| | • | Not
                                         following the prescribed dress code
| | - | --------------------------------------------------------------------------------



|
|



| | • | Showing
                                         an intransigent or unreasonably negative attitude to management and/or fellow employees
| | - | ----------------------------------------------------------------------------------------------------------------------------------------



|
|





| | • | Minor
                                         breach of health and safety requirements
| | - | ---------------------------------------------------------------------------------------



|
|





| | • | Smoking
                                         in a non-designated area
| | - | -------------------------------------------------------------------------



|
|





| | • | Careless
                                         use of the Company’s equipment or furniture
| | - | ---------------------------------------------------------------------------------------------





| | • | Refusing
                                         to attend nominated training programs unless agreed upon with superior
| | - | ------------------------------------------------------------------------------------------------------------------------





| | • | Use
                                         of foul or abusive language (whether verbal or in writing)
| | - | -------------------------------------------------------------------------------------------------------





| | • | Refusing
                                         a reasonable request to moderate changes in responsibilities if such a change is a business
                                         necessity
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|
|





| | • | Being
                                         under the influence of alcohol and/or drugs not medically prescribed when at work (whether
                                         on ICICI Group premises or otherwise)
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Consumption
                                         or being under the influence of drugs not medically prescribed and/or excessive alcohol
                                         at a management sponsored event
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Indulging
                                         in habitual errors, negligence while performing duties
| | - | ---------------------------------------------------------------------------------------------------------





B.
Gross/serious violations



Any
act which is in breach of the Code, internal policies/procedures and which may cause financial loss or reputation risk to the
Company falls under this category. Illustrative behaviour under this category includes:



| | • | Failing
                                         to comply with ICICI Group policies, procedures, rules and working practices
| | - | -----------------------------------------------------------------------------------------------------------------------------



19





| | • | Obstructing
                                         the customers from dealing with ICICI Group or obstructing other employees from discharging
                                         their responsibilities
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Engaging
                                         in any other trade/ business/ employment while in the employment of the Company without
                                         confirming with your supervisor
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Participation
                                         in any demonstration against the Company or its officials
| | - | ----------------------------------------------------------------------------------------------------------------





| | • | Accepting
                                         gifts and favours from clients and vendors in violation of relevant guidelines
| | - | ---------------------------------------------------------------------------------------------------------------------------------



| | • | Disrupting/slowing
                                         down of continuous customer service or work, in the branch or office –either solely
                                         or by way of participation in strike, bandh etc
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Violation
                                         of any of the provisions of the security policy including Information Security Policy
                                         of the company
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Taking
                                         a decision, which has financial implications favouring you, any of your teams or relatives
| | - | ------------------------------------------------------------------------------------------------------------------------------------------





| | • | Involvement
                                         in harassment including sexual harassment or racial harassment
| | - | -------------------------------------------------------------------------------------------------------------------





| | • | Failure
                                         to take all possible steps to protect the interest of ICICI Group and to perform duties
                                         with utmost integrity, honesty, devotion & diligence
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Indulging
                                         in any act which is likely to cause damage/loss to the property and which are prejudicial
                                         to the reputation and interest of ICICI Group
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Failure
                                         to act in the best judgment while performing duties as well as while exercising delegated
                                         power entrusted by ICICI Group
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Failure
                                         to avoid indebtedness in any manner while in service
| | - | -----------------------------------------------------------------------------------------------------





| | • | Engaging
                                         in and/or facilitating any financial dealing/s including money lending whatsoever with
                                         colleagues
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Any
                                         act which brings or have the potential to bring dis-repute to the image of ICICI Group
                                         at all times
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Failure
                                         to comply with existing regulatory rules and regulations such as Reserve Bank of India
                                         Act, 1934 and Banking Regulations Act, 1949, etc
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Any
                                         other act which is against the ethos/culture of the company
| | - | --------------------------------------------------------------------------------------------------------



C.
Fraudulent Irregularities



Any
act with a fraudulent or malafide intention irrespective of whether there was any financial loss or loss of reputation to ICICI
Group falls in this category. Some illustrative behaviour under this category would include:









| | • | Suppressing
                                         or misrepresentation of facts
| | - | ----------------------------------------------------------------------------------



| | • | Any
                                         act of creation/acceptance of fake/ incorrect/ fraudulent records or manipulation of
                                         records with fraudulent intention i.e. fudging of records, MIS records, etc
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Failure
                                         of due diligence in any deal/transaction to avoid any possibilities of a fraud or money
                                         laundering
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Data
                                         theft or pilferage or any dishonest act
| | - | -------------------------------------------------------------------------------------





| | • | Involvement
                                         in any act in the area of corruption, misuse of office, criminal offences, suspected
                                         or actual fraud etc
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | Helping
                                         customers in ways which could lead to a loss to ICICI Group
| | - | ------------------------------------------------------------------------------------------------------------





| | • | Engaging
                                         in and/or facilitating any financial dealings through your personal banking account.
                                         The Bank has issued Guidelines for “Operating Salary Account" by staff for
                                         reference in this regard
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



20





The
Bank is governed by the Companies Act which as recently revised in August 2013 has defined the act of “fraud” under
Section 447 and has prescribed the penal provisions for the same. The same is given below:



Definition
of Fraud:



“Fraud”
in relation to affairs of a company or anybody corporate, includes any act, omission, concealment of any fact or abuse of position
committed by any person or any other person with the connivance in any manner, with intent to deceive, to gain undue advantage
from, or to injure the interests of, the company or its shareholders or its creditors or any other person, whether or not there
is any wrongful gain or wrongful loss;





| | (i)  | “Wrongful gain” means the gain by unlawful means of property
    to which the person gaining is not legally entitled;
| | ---- | ---------------------------------------------------------------------------------------------------------------------
| | (ii) | “Wrongful loss” means the loss by unlawful means of property to which the person
    losing is legally entitled.     
| |      |                                                                                                                      





Punishment
for fraud:



Without
prejudice to any liability including repayment of any debt under this Act or any other law for the time being in force, any person
who is found to be guilty of fraud, shall be punishable with imprisonment for a term which shall not be less than six months but
which may extend to ten years and shall also be liable to fine which shall not be less than the amount involved in the fraud,
but which may extend to three times the amount involved in the fraud.



Provided
that where the fraud in question involves public interest, the term of imprisonment shall not be less than three years.



Employees
are requested to be mindful of the above provisions and exercise necessary diligence.



D.
Irregularities in High Risk Areas



Any
act which may not be apparently with fraudulent intention but are considered as High Risk area irrespective of any financial loss
or loss to the reputation to ICICI Group falls in this category. This includes:







| | • | Failure
                                         to act in spite of having knowledge of wrong things being practiced,
| | - | ---------------------------------------------------------------------------------------------------------------------



| | • | Failure
                                         to take corrective steps to stop such wrong practices,
| | - | -------------------------------------------------------------------------------------------------------







| | • | Failure
                                         to escalate such matters to higher authorities
| | - | -----------------------------------------------------------------------------------------------



The
areas considered, as High Risk will be assessed by the Senior Management of the Group. The Senior Management will also have the
power and authority to notify the list of High Risk areas from time to time.



21





It
must be noted that irregularities cited in the above categories are indicative in nature and are not exhaustive.



Disciplinary
Procedures



The
following paragraphs deal with the disciplinary procedures, which could be used as indicative guidance for the ICICI Group constituents
while formulating their respective disciplinary procedures.



| | • | The
                                         primary objective of the disciplinary procedure is to make employees aware of the instance/s
                                         of apparent and reported breach of the Code on their part and to afford such employees
                                         with an opportunity of making submission against such reported instance/s including improving
                                         their attendance, work performance or amending/ rectifying their conduct as the case
                                         may be, should they fall below the standards expected by ICICI Group.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | When
                                         deciding upon the appropriate way to deal with any potential issues an employee has in
                                         meeting ICICI Group standards, the reasons behind this difficulty will be considered.
                                         There may be occasions when problems are due to an employee’s incapability to do
                                         his/her job, personal circumstances or health rather than there being any measure of
                                         personal blame. In such cases, the employee will be informed by the immediate manager
                                         that he/she is not meeting the required standards.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | The
                                         immediate manager will discuss his or her concerns with the employee and where appropriate,
                                         will agree objectives with the employee to be achieved over a reasonable period of time.
                                         The immediate manager will also discuss any assistance the employee may require, including
                                         where practicable - training. If after a reasonable time, an employee is still unable
                                         to reach the required standards, the matter may be dealt with within the context of the
                                         disciplinary procedure.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | If
                                         the problem relates to the employee’s health, the immediate manager may arrange
                                         for the employee to see ICICI Group nominated Medical Advisor.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | If
                                         the problem stems from the employee’s failure to demonstrate satisfactory conduct,
                                         or there are problems with the employee’s performance e.g. due to the employee’s
                                         inattention or lack of motivation, the disciplinary procedure will be implemented.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Usually
                                         disciplinary procedure would start after detailed fact finding exercise/internal investigation
                                         including one-to-one discussion with the concerned employee, where-ever possible-by the
                                         respective business group, is carried out and a detailed report to that effect is submitted
                                         to HRMG. In deserving cases such investigation may be carried out independent of the
                                         respective business group.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



22





Disciplinary
action



Depending
upon the nature and seriousness of non-compliant behaviour, the Company may take corrective action against the erring employees.
The Company may prefer civil or criminal action against errant employees. Such actions may include penalties as deemed appropriate
considering the nature of violation and its implications on the Company. The extenuating / mitigating circumstances, if any, may
also be considered while taking action.



These
actions could be – Cautionary Action, Deterrent Action and Capital Action



Cautionary
action



The
cautionary or exemplary action(s) may be in the form of:



| | • | Condoning,
                                         advising, warning, censuring, etc
| | - | -------------------------------------------------------------------------------------



| | • | Imposition
                                         of fine
| | - | -----------------------------------------------------------



| | • | Suspension
                                         from employment for a certain period of time
| | - | ------------------------------------------------------------------------------------------------



| | • | Adversely
                                         impacting annual performance rating
| | - | --------------------------------------------------------------------------------------





| | • | Withholding
                                         of increment
| | - | -----------------------------------------------------------------





| | • | Withholding
                                         of performance linked bonus / incentive (partly)
| | - | -----------------------------------------------------------------------------------------------------



Deterrent
action





The
deterrent action(s) may be in the form of:





| | • | Recovery
                                         of full / partial monetary loss caused or likely to be caused to the Company
| | - | ------------------------------------------------------------------------------------------------------------------------------







| | • | Suspension
                                         from employment for a certain period of time
| | - | ------------------------------------------------------------------------------------------------







| | • | Withholding
                                         of increments
| | - | ------------------------------------------------------------------







| | • | Withholding
                                         of Performance linked bonus / incentive
| | - | --------------------------------------------------------------------------------------------







| | • | Withholding
                                         of promotion
| | - | -----------------------------------------------------------------







| | • | Demoting
                                         to the lower grade or level
| | - | -----------------------------------------------------------------------------







| | • | Reduction
                                         in basic salary
| | - | ------------------------------------------------------------------







Capital
action



The
capital action may be in the form of:









| | • | Termination
                                         of services
| | - | ----------------------------------------------------------------











| | • | Dismissal
                                         from services
| | - | ----------------------------------------------------------------











| | • | Exit
                                         through resignation at the instance of the Bank
| | - | ---------------------------------------------------------------------------------------------











| | • | Compulsory
                                         retirement
| | - | --------------------------------------------------------------



Process
for taking disciplinary action





| | • | It
                                         must be clearly understood that the Company will be the sole judge to decide on the categorization
                                         of breaches as also the form of corrective actions.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



23





| | • | All
                                         disciplinary action would start on the basis of the report received by the HRMG from
                                         the respective business group after following the process as described in the foregoing.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Depending
                                         upon the nature of such report employee/s would be informed in writing of the gist of
                                         the instance/s of breach of the Code reported against them and would be afforded with
                                         an opportunity to make their submission/s in writing within specific time frame to the
                                         designated official in HRMG. On receipt of such communication from HRMG employees would
                                         be required to make their submission/s in writing which would be taken into consideration
                                         while arriving at a decision. However, in case employee/s choose not to avail of such
                                         an opportunity within the specific time frame or within extended time frame, if allowed
                                         by HRMG in deserving cases, it would be construed that the employee concerned has no
                                         submission to make and accordingly the matter would be decided upon ex-parte and any
                                         decision taken in that circumstances would be binding on the concerned employee.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | HRMG
                                         of the Company would put in place a matrix of Disciplinary Authority and the Appellate
                                         Authority to carry out all administrative/disciplinary actions envisaged under the Code.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



For
ICICI Bank, India, a designated Disciplinary Authority will on the basis of reports submitted to it by an Investigating authority
and/or suo-motoafter ensuring adherence to due process initiate appropriate investigation and disciplinary proceedings/actions
against an erring employee and impose penalty/ies including but not limited to, placing an employee under suspension.



An
employee against whom an order has been passed by a Disciplinary Authority, may, within seven working days from the date of receipt
of the order, prefer an appeal in writing to the Appellate Authority. Such written appeals, if received within the stipulated
time, shall be disposed of by the Appellate Authority by way of a detailed speaking order.



The
Disciplinary Authority and the Appellate Authority shall be as under –



|Grade                                                                                           | Disciplinary
                                         Authority | Appellate
                                         Authority
|----------------------------------------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------------------------------------------
|Employee
        in the grades up to and inclusive of Chief Manager (Band I)                    | Assistant
        General
        Manager                       | Deputy
        General
        Manager                      
|Chief Manager
        (Band II) and
        Assistant General
        Manager                   | Joint
        General
        Manager                           | General Manager                                             
|Deputy
        General Manager and Joint General Manager                                        | Senior
        General
        Manager                          | Executive
Director                                          
|General
    Manager, Senior General Manager (Band – I) and   Senior General Manager – (Band II) | Executive
    Director                                          | Managing Director
    and Chief Executive Officer           







24









| | • | The
                                         range of possible actions outlined above should not be regarded as necessarily either
                                         sequential or cumulative. ICICI Group reserves the right to omit any or all of the levels
                                         of action where it considers it appropriate. It is for the relevant manager to decide
                                         which of the possible responses is appropriate in any given case. For example, if a single
                                         breach of discipline is serious (albeit it may be the employee’s first breach of
                                         discipline) the employee may be given a final warning notwithstanding the fact that no
                                         previous warnings have been given.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------









| | • | ICICI
Group reserves the right to suspend an employee on payment of Subsistence Allowance as per rules pending the outcome of disciplinary
action.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------



An
employee of ICICI Group entity incorporated in India, on suspension, shall be eligible to receive subsistence allowance at the
rate of one third of basic pay the employee was drawing on the day preceding to the date of suspension plus other allowances (except
conveyance/ transport allowances) proportionately on such reduced basic pay for the first three months and at the rate of one
half of the basic pay the employee was drawing on the day preceding to the date of suspension plus other allowances (except conveyance/
transport allowances) proportionately on such reduced basic pay from the fourth month till completion of disciplinary action or
the revocation of the suspension, as the case may be. This will however be subject to the applicable law, if any.



Such
subsistence allowance would be payable to such an employee on his/her furnishing a declaration every month acceptable to the Company
that he/she is not engaged in any other employment, business, profession, or vocation or in any gainful activities, self-employment
whether or not having earned any income. An employee under suspension shall have to report to the company for the purpose of investigation/enquiry
as and when required by the company and shall not leave the station of his posting from where he was suspended without permission
of the competent authority.



Compliance
with the Code



| | • | ICICI
                                         Group recognises the need for this Code to be applied equally to everyone it covers.
                                         All employees, Directors and officers are expected to comply with all of the provisions
                                         of this Code. The Code will be strictly enforced and violations will be dealt with immediately,
                                         including subjecting persons to corrective and/or disciplinary action such as dismissal
                                         or removal from office.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



25





| | • | The
                                         Group Compliance Officer will have primary authority and responsibility for implementing
                                         this Code across the ICICI Group, subject to the supervision of the Board Governance
                                         & Remuneration Committee or, in the case of accounting, internal accounting controls
                                         or auditing matters, the Audit Committee
of the Board of Directors. ICICI Group will devote the necessary resources to enable the Group Compliance Officer to establish
such procedures as may be reasonably necessary to create a culture of accountability and facilitate compliance with this Code.
Queries concerning this Code should be directed to the Group Compliance Officer. A facility to raise such queries has been hosted
on the Universe.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Employees,
                                         officers and Directors should promptly report any concerns about violations of ethics,
                                         laws, rules, regulations or this Code, including by any senior executive officer or director,
                                         to their supervisors/managers or the Group Compliance
Officer or in the case of accounting, internal accounting controls or auditing matters, the Audit Committee of the Board of Directors.
Any concerns involving the Group Compliance Officer should be reported to the Board Governance & Remuneration Committee.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | The
                                         Group Compliance Officer shall notify the Board Governance & Remuneration Committee
                                         of any concerns about violations of ethics, laws, rules, regulations of this Code by
                                         any senior executive officer or Director reported
to him.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | • | You
                                         should report actions that may involve conflict of interest to the Group Compliance Officer.
                                         In order to avoid conflicts of interest, executive officers and Directors must disclose
                                         to the Group Compliance Officer any material transaction or relationship that reasonably
                                         could be expected to give rise to such
a conflict, and the Group Compliance Officer shall notify the Board Governance & Remuneration Committee of any such disclosure.
Conflicts of interest involving the Group Compliance Officer shall be disclosed to the Board Governance & Remuneration Committee.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | ICICI
                                         Group encourages all employees, officers and Directors to report any suspected violations
                                         promptly and intends to thoroughly investigate any good faith reports of violations.
                                         ICICI Group will not tolerate any kind of retaliation for reports or complaints regarding
                                         misconduct that were made in good faith. Open
communication of issues and concerns by all employees, officers and Directors without fear of retribution or retaliation is vital
to the successful implementation of this Code. You are required to cooperate in internal investigations of misconduct and unethical
behaviour.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | Interested
                                         parties may also communicate directly with the Company’s non- management Directors
                                         through contact information mentioned in the Company’s Annual Report or on the
                                         website.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Waivers
and Amendments



26





Any
waivers (including any implicit waivers) of the provisions in this Code for executive officers or Directors may only be granted
by the Board of Directors and will be promptly disclosed to the shareholders. Any such waivers will also be disclosed in the Group’s
Annual Report under Indian law and its Annual Report on Form 20-F. Any waivers of this Code for other employees may only be granted
by the Group Compliance Officer. Amendments to this Code must be approved by the Board of Directors and will also be disclosed
in the Company’s Annual Reports.



27





Appendix



Duties of Directors as
per Section 166 of the Companies Act, 2013:



| | 1. | Subject
                                         to the provisions of this Act, a director of a company shall act in accordance with the
                                         articles of the company.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | 2. | A
director of a company shall act in good faith in order to promote the objects of the company for the benefit of its members as
a whole, and in the best interests of the company, its employees, the shareholders, the community and for the protection of environment.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | 3. | A
                                         director of a company shall exercise his duties with due and reasonable care, skill and
                                         diligence and shall exercise independent judgment.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | A
                                         director of a company shall not involve in a situation in which he may have a direct
                                         or indirect interest that conflicts, or possibly may conflict, with the interest of the
                                         company.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | A
                                         director of a company shall not achieve or attempt to achieve any undue gain or advantage
                                         either to himself or to his relatives, partners, or associates and if such director is
                                         found guilty of making any undue gain, he shall be liable to pay an amount equal to that
                                         gain to the company.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | A
                                         director of a company shall not assign his office and any assignment so made shall be
                                         void.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | If
                                         a director of the company contravenes the provisions of this section such director shall
                                         be punishable with fine which shall not be less than one lakh rupees but which may extend
                                         to five lakh rupees.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Duties of Independent
Directors as per Schedule IV of the Companies Act, 2013:



The independent directors
shall—



| | 1. | undertake
                                         appropriate induction and regularly update and refresh their skills, knowledge and familiarity
                                         with the company;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | seek
                                         appropriate clarification or amplification of information and, where necessary, take
                                         and follow appropriate professional advice and opinion of outside experts at the expense
                                         of the company;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | strive
                                         to attend all meetings of the Board of Directors and of the Board committees of which
                                         he is a member;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | participate
                                         constructively and actively in the committees of the Board in which they are chairpersons
                                         or members;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | 5. | strive
to attend the general meetings of the company;
| | -- | -----------------------------------------------------





| | 6. | where
                                         they have concerns about the running of the company or a proposed action, ensure that
                                         these are addressed by the Board and, to the extent that they
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



28





are not resolved, insist
that their concerns are recorded in the minutes of the Board meeting;



| | 7. | keep
                                         themselves well informed about the company and the external environment in which it operates;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | not
                                         to unfairly obstruct the functioning of an otherwise proper Board or committee of the
                                         Board;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9. | pay
                                         sufficient attention and ensure that adequate deliberations are held before approving
                                         related party transactions and assure themselves that the same are in the interest of
                                         the company;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | 10. | ascertain
and ensure that the company has an adequate and functional vigil mechanism and to ensure that the interests of a person who uses
such mechanism are not prejudicially affected on account of such use;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | 11. | report
concerns about unethical behaviour, actual or suspected fraud or violation of the company’s code of conduct or ethics policy;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | 12. | acting
within his authority, assist in protecting the legitimate interests of the company, shareholders and its employees;
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | 13. | not
disclose confidential information, including commercial secrets, technologies, advertising and sales promotion plans, unpublished
price sensitive information, unless such disclosure is expressly approved by the Board or required by law.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





29





Employee
Declaration

(To be submitted to the
HR at the time of joining)







|I Mr. /Ms. |  | confirm and declare
|---------- |  | -------------------



that:



| | • | I
                                         have read and understood the terms of employment applicable to me and the provisions
                                         of the Group Code of Business Conduct and Ethics
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | I
                                         shall, during the course of my service with the Bank/Group companies or in the event
                                         of cessation of my service in the future, due to any reason whatsoever, for a period
                                         of six months from the date of such cessation, directly or indirectly, either on my own
                                         accord or on behalf or in conjunction with any other person/s, firm
or company refrain/desist from canvassing or soliciting attempting to or inducing any employee(s) business associate(s) to leave
their current employment with the Bank/Group companies/ business partners to join the services of any new employer/firm/company
or any other competitor of the Group companies/ Business Partners.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | I
                                         am aware that any act in contravention of the above provision on my part shall attract
                                         initiation of appropriate action as deemed fit by ICICI Group.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







| | • | I
shall disclose the following details, whenever required by the Company:
| | - | -------------------------------------------------------------------------





| | • | All
                                         bank accounts being held by me - either singly or jointly with other family members
| | - | --------------------------------------------------------------------------------------------------------------------------------





| | • | Investment
made in immovable property including sale of such property
| | - | ---------------------------------------------------------------------





| | • | A
                                         statement that I have no material interest or any other conflicting interests, in any
                                         person who is a party to a material contract or proposed contract with ICICI Group.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------









|                          | 
|------------------------- | 
|Employee
Signature

Date: | 









30