IndusInd Bank's Deputy CEO Resigns Amid Ongoing Changes in the Indian Banking Sector

IndusInd Bank's deputy CEO, Arun Khurana, has resigned from his position. The bank did not provide a reason for his resignation. Khurana had been serving as the deputy CEO since 2014. The bank is based in India and is listed on the National Stock Exchange of India.

The Securities and Exchange Board of India (Sebi) has taken stringent action against stock broker Patel Wealth Advisors (PWA) and its four directors. In an ex-parte interim order issued on Monday, Sebi debarred PWA from dealing in the securities market and directed the impounding of Rs 3.22 crore in illegal gains [1]. The order follows extensive spoofing activity by PWA across 173 scrips between January 2021 and January 2025, resulting in 621 unique spoofing instances.

Order spoofing involves placing large orders with no intention of executing them, creating a false market impression and misleading investors. Sebi's investigation revealed that PWA placed multiple large orders at significantly lower or higher prices than prevailing market rates without executing these trades. This practice distorted market prices and undermined market efficiency [1].

Sebi's whole-time member Kamlesh Varshney noted that the order spoofing was a manipulative, fraudulent, and unfair trade practice used by PWA to deceive other market participants and profit from price fluctuations. Despite repeated show-cause notices and initial proceedings by the National Stock Exchange (NSE), PWA continued to engage in unfair trade practices [1].

Sebi has developed advanced capabilities to identify such complex and extensive order book manipulations. The regulator is undertaking a detailed investigation into the matter, indicating a commitment to maintaining market integrity.

References:
[1] https://www.business-standard.com/markets/news/sebi-bars-patel-wealth-advisors-4-directors-over-order-spoofing-charges-125042800957_1.html