Former IndusInd Bank official Arun Khurana deposits 50% of alleged insider gains to SEBI
Former IndusInd Bank official Arun Khurana deposits 50% of alleged insider gains to SEBI
The watchdog had investigated six bank officials and barred them from the securities markets
The Securities and Exchange Board of India (SEBI) has lifted the restrictions from the bank accounts of former deputy chief of IndusInd Bank, Arun Khurana.
According to the Bombay Stock Exchange (BSE) notice Khurana has deposited 50 per cent of the alleged insider trading gains with India's markets regulator.
Early this year, the private bank faced a crisis following revelations of governance and accounting irregularities. It led to the departures of its former CEO Sumant Kathpalia and Khurana.
The market watchdog had investigated six bank officials, including Khurana, for insider trading. The officials were barred from the securities markets in the interim and ordered to deposit the illegal gains of 197.8 million rupees. The bulk of the amount was attributed to Khurana and Kathpalia.
However, on 25 September, the Securities Appellate Tribunal (SAT) granted partial relief to Khurana, directing him to deposit half of the alleged gains in favor of the market regulator.
