Accounting Lapses
Doing whatever under regulatory ambit in IndusInd Bk case, says SEBI Pandey
This story was originally published at 13:33 IST on 22 May 2025
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--SEBI Pandey on IndusInd Bank matter: Will do whatever under SEBI's remit
NEW DELHI – The Securities and Exchange Board of India is doing whatever is under its regulatory ambit with regard to the IndusInd Bank, Chairman Tuhin Kanta Pandey Thursday said on the sidelines of a capital market conference organised by The Associated Chambers of Commerce & Industry of India. SEBI is looking into whether there were any egregious violations of rules by anyone in the bank, Pandey said.
Reuters Monday reported quoting sources, SEBI was looking to find out whether six officials violated the insider-trading rules. SEBI was looking to find out if these officials sold stock options while knowing about accounting irregularities at the bank prior to their public announcement, according to the news report.
Sumant Kathpalia, the managing director and chief executive officer of the bank, and Arun Khurana, the deputy chief executive officer, resigned after irregularities at the bank became public. Thursday, the bank said in an exchange filing it had received reports of investigations carried out by external professional firm and the bank's internal audit department relating to accounting of internal derivative trades, certain unsubstantiated balances in "other assets" and "other liabilities" accounts, and micro finance interest income. The bank said its board "suspects the occurrence of fraud against the Bank and the involvement therein of certain employees having a significant role in the accounting and financial reporting of the Bank."
At 1302 IST, shares of IndusInd Bank traded nearly flat at INR 770.15 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Rajesh Gajra
Edited by Akul Nishant Akhoury
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