RBI Grade BNABARD ESISEBI
In one line
Context:
On March 10, 2025, IndusInd Bank disclosed accounting discrepancies in its derivatives portfolio, with an estimated adverse impact of 2.35% on its net worth as of December 2024.
NFRA Investigation
- National Financial Reporting Authority (NFRA) received a complaint via CPGRAMS on suspected accounting lapses.
- NFRA is coordinating with the RBI to access the forensic audit conducted by Grant Thornton, commissioned by the central bank.
- NFRA’s focus is on determining the role of the auditors of IndusInd Bank, as it falls within NFRA’s mandate for all listed entities.
Internal Red Flags
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- IndusInd Bank’s board suspects fraud involving certain employees who played significant roles in accounting and financial reporting.
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ICAI Oversight
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- On May 29, ICAI’s Financial Reporting Review Board initiated a review of IndusInd’s financial statements for FY24 and FY25.
- If serious noncompliance is detected, it will be referred to Director (Discipline) and reported to relevant regulators.
SEBI Action
- The Securities and Exchange Board of India (SEBI) initiated a suo motu UPSI probe into possible insider trading linked to the derivatives disclosure.
- SEBI asked five senior IndusInd officials, including:
- Former CEO Sumant Kathpalia
- Former Deputy CEO Arun Khurana
to disgorge ₹20 crore for alleged insider trading.
BS
