Arun Khurana, former deputy CEO of IndusInd Bank, has deposited 50% of his alleged insider trading gains with SEBI. The move follows a Securities Appellate Tribunal directive amid an ongoing probe involving six bank officials. Restrictions on Khurana’s bank accounts have now been lifted, signaling partial regulatory relief.
Regulatory Update: SEBI Receives Partial Settlement in IndusInd Insider Trading Case
In a significant development in the ongoing insider trading investigation, Arun Khurana, former deputy CEO of IndusInd Bank, has deposited 50% of the alleged illegal gains with the Securities and Exchange Board of India (SEBI). This partial payment follows a directive from the Securities Appellate Tribunal (SAT), which granted interim relief to Khurana.
Notable Updates:
Amount Involved:
Khurana was among six officials ordered to deposit a total of ₹19.78 crore in alleged insider trading gains.
The majority of this amount was attributed to Khurana and former CEO Sumant Kathpalia.
Regulatory Action:
SEBI had earlier barred all six officials from accessing the securities market during the investigation.
With the partial payment, restrictions on Khurana’s bank accounts have been lifted, according to a BSE filing.
Background:
The case stems from a governance and accounting crisis at IndusInd Bank earlier this year, which led to the resignations of both Kathpalia and Khurana.
Next Steps:
SEBI’s investigation continues, with further regulatory and legal proceedings expected.
This case underscores SEBI’s ongoing efforts to enforce transparency and accountability in India’s financial sector.
Sources: Business Standard