Archive · 7 Jun 2025
SEBI Clarifies Order on IndusInd Bank, KPMG Appointment
SEBI clarified its earlier statement about IndusInd Bank.
They corrected their initial order to say that KPMG was hired through a note signed by the CFO and other executives, not the board of directors, which changed the context of their understanding of the derivatives valuation discrepancies.
This change gives clarity on who was involved in the hiring process and potentially what they knew.
SEBI corrected its order concerning IndusInd Bank.
The correction clarifies how KPMG was appointed.
Original order suggested the board's awareness of discrepancies.
The revised order states KPMG was appointed through an engagement note.
The engagement note was signed by CFO and executives.
- Who
- SEBI, IndusInd Bank, Arun Khurana, Sumant Kathpalia, KPMG
- What
- SEBI corrected its order on IndusInd Bank regarding KPMG's appointment
- When
- May 28, 2025 (original order), updated
- Where
- N/A
- Why
- To clarify the process of KPMG's appointment and the level of awareness regarding discrepancies in derivatives valuation.
Original SEBI Order
Revised SEBI Order
Board Awareness
Original SEBI Order
Initially implied the board knew about discrepancies.
Revised SEBI Order
Clarified that the board was not directly involved in KPMG's appointment.
- Source
- SEBI
- Company
- IndusInd Bank
- Original Order Date
- May 28, 2025
- Executives Involved
- Arun Khurana, Sumant Kathpalia
- Auditing Firm
- KPMG
