Sebi Lens On Egregious Violations By IndusInd Bank

New Delhi: Markets regulator Sebi is looking into any ‘egregious violations’ by senior management of IndusInd Bank, which has been hit by accounting fraud, its chairman Tuhin Kanta Pandey said on Thursday. Pandey said the issues at IndusInd Bank will be dealt with by the Reserve Bank of India (RBI), but Sebi is also looking at securities market violations by the officials of the crisis-hit bank.

“RBI is looking into whatever Sebi has to do in relation to, whatever Sebi’s remit is. Sebi is doing. If there are any egregious violations by anyone in their capacity, Sebi is looking into it,” Pandey told reporters on the sidelines of an event organised by industry body Assocham. On Wednesday, IndusInd Bank’s board said it suspects involvement of certain employees in the fraud and directed the bank to report the matter to investigative agencies and regulatory authorities.