The Securities and Exchange Board of India (SEBI) has issued a corrigendum to its interim order dated May 28, 2025, in the insider trading case involving certain entities linked to IndusInd Bank.In the original order, SEBI had referred to a “board note” as the basis for appointing KPMG in February 2024. This reference has now been corrected. SEBI clarified that the term “board note” should be read as “engagement note”.
The corrigendum, issued by SEBI Whole-Time Member Kamlesh C Varshney on June 6, 2025, instructs that the corrected version be served on all concerned parties, including the notices, stock exchanges, depositories, registrar and share transfer agents, and banks.
The revision comes after scrutiny around the role of the bank’s board in the matter. During a recent press briefing, when asked about the board’s accountability, the Reserve Bank of India (RBI) Governor had suggested — in essence — that the CEO’s resignation was sufficient and that expecting the entire board to step down would be unreasonable.The initial interim order had raised questions regarding the governance and internal processes at the bank, particularly how the decision to bring in KPMG was made amid concerns of insider trading.First Published: Jun 8, 2025 2:03 PM IST
