Sebi bars former IndusInd CEO, four others from market

India's capital markets watchdog cracked down on IndusInd Bank Ltd's (IBL) former managing director and chief executive officer (CEO) Sumant Kathpalia, with four other senior officials for alleged insider trading, impounding gains of ₹19.78 crore and restraining them from trading in securities until further notice.

- Neha Joshi

MUMBAI:

The five executives were issued show-cause notices over allegations of offloading shares while in possession of unpublished price sensitive information (UPSI) related to a massive accounting discrepancy.

Apart from Kathpalia, the Securities and Exchange Board of India's (Sebi's) order on Wednesday barred former executive director and deputy CEO Arun Khurana, treasury operations head Sushant Sourav, global markets group (GMG) operations head Rohan Jathanna and Anil Marco Rao, chief administrative officer of consumer banking operations from the market for alleged insider trading.