Sebi reopens insider trading probe of top IndusInd execs

Renewed scrutiny comes after a forensic report by Grant Thornton found irregularities

- T. Surendar & Gopika Gopakumar

India's market regulator has reopened an insider trading investigation into two top executives of IndusInd Bank, according to two persons aware of the matter, after its first probe earlier this month had given them a clean chit.

The renewed scrutiny by the Securities and Exchange Board of India (Sebi) comes after a forensic report by Grant Thornton allegedly found that these executives possessed and traded on price-sensitive information about severe accounting irregularities before it became public.

The forensic report is an outcome of an audit the bank's board undertook at the instance of banking regulator Reserve Bank of India (RBI), after it found discrepancies in accounting for internal derivatives trades late last year. The report was submitted by Grant Thornton to the board on 26 April. However, Sebi has yet to get a copy, according to the first person cited earlier.