SEBI To Investigate Any 'Egregious Violations' In IndusInd Bank Case, Says Chairman Pandey

The Securities and Exchange Board of India is looking into any "egregious violations" made in the IndusInd Bank fraud incident, according to Chairman Tuhin Kanta Pandey.

"The RBI is looking into that (IndusInd Bank matter)...whatever SEBI's remit is, we're doing... If there are any egregious violations made by anyone in their capacity, SEBI will look into it," he told reporters on the sidelines of the Assocham's 16th Capital Markets Conference.

Yesterday, after receiving reports of investigations carried out by an external professional firm and internal audit department, the board of IndusInd Bank Ltd. said that it suspects the occurrence of fraud against the lender.

The board suspects the involvement of certain employees having a significant role in the accounting and financial reporting of the bank. The lender said that Rs 173 crore has been incorrectly recorded in the microfinance portfolio.