The Securities and Exchange Board of India issued a corrigendum on Friday for its IndusInd Bank Ltd. interim order released last week.
The market regulator said the reference to “board note” in the interim order will be replaced with an “engagement note”. In the interim order, the SEBI had said that KPMG’s appointment in February 2024 was on the basis of a board note.
A board note is a document floated by a company’s officials for board members to review.
As per the timeline established in the SEBI probe into IndusInd Bank, the bank’s former CFO had in January 2024 said a consultant was being engaged to look at internal estimates of financial impact of accounting discrepancies.
KPMG’s investigation had pegged the financial hit at Rs 2,093 crore. These figures were neither reported through the exchange platform till March 10, 2025, nor were classified to be unpublished price-sensitive information till March 4, 2025, the SEBI said in its order.
The firm wanted to have a meeting with bank officials to clarify and validate all the numbers, including accounting entries.
IndusInd Bank’s former executive director and deputy CEO, Arun Khurana, along with head of treasury operations Sushant Sourav, head of GMG operations Rohan Jathanna, and chief administrative officer of consumer banking operations Anil Marco Rao were named in the order.
The individuals have been restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner until further orders.
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