Fairfax Media understands Bhandari, who was opening the batting, allegedly struck a Manly player to the side of the head while walking off the field after being dismissed for a five-ball duck.

"Danny Bhandari has been reported by umpires for an incident in a second-grade match for UNSW against Manly on Saturday. The matter is before the Sydney Cricket Association's Code of Conduct Commissioner John McGruther," CNSW said in a statement.

The alleged incident has stunned Sydney grade-cricket circles, particularly given Bhandari's position in the game.

Bhandari, who specialises in finance and technology, is a major player in the Sydney business and sports world with seats on the boards of CNSW and Venues NSW, the statutory authority which runs ANZ Stadium.

Bhandari is the second senior office bearer at CNSW to land in hot water in the past 12 months. Chief executive Andrew Jones was fined $315 and docked four demerit points for texting while stationary in traffic in April. Transport for NSW, which is a major sponsor, described the offence as a "serious breach" of its contract but has continued their long-standing partnership.

Former AFL diversity manager Ali Fahour resigned in July last year after being handed a lifetime ban by the Northern Football League in Melbourne for a punch that knocked an opponent unconscious. Bhandari's alleged victim is believed not to have been hurt and played out the game.

Bhandari's wealth was estimated at $29 million in the 2016 BRW Young Rich list, where he ranked 87th. Bhandari, named Ernst & Young Entrepreneur of the Year in 2008, made much of his fortune developing and selling high-speed derivatives trading software.

He is one of the principal founders of trading firm Tibra Capital, which was at the centre of a lengthy Federal Court dispute over allegations confidential information was taken from his former employer Optiver to develop their trading programs. The case was settled in 2013 when Tibra paid Optiver more than $10m with no admission of guilt.

His business acumen was a key to his appointment to the CNSW board last year after 18 years of service to the game as a player and administrator.

He is a close friend of Jones through their time as players with UNSW, where he has served as president, chairman of selectors and captain of the club's second XI. He has played predominantly at second- and third-grade level.

Bhandari was chairman of Sydney Thunder's advisory board from 2011-13. His role, according to his profile on LinkedIn, was to provide "strategic and commercial advice to management in a non executive capacity".

He is the co-founder of Centre Wicket, an online site that provides multimedia cricket coaching.

Bhandari was approached for comment but did not return calls or texts from Fairfax Media.