SEBI clarifies IndusInd Bank interim order, replaces ‘Board Note’ with ‘Engagement Note’

The corrigendum, issued by SEBI Whole-Time Member Kamlesh C Varshney on June 6, 2025, instructs that the corrected version be served on all concerned parties, including the notices, stock exchanges, depositories, registrar and share transfer agents, and banks. The revision comes after scrutiny around the role of the bank’s board in the matter. During a recent press briefing, when asked about the board’s accountability, the Reserve Bank of India (RBI) Governor had suggested — in essence — that the CEO’s resignation was sufficient and that expecting the entire board to step down would be unreasonable. The initial interim order had raised questions regarding the governance and internal processes at the bank, particularly how the decision to bring in KPMG was made amid concerns of insider trading. Source - CNBC tv18