Indusind Bank board under scrutiny following Sebi's ex-parte interim order

Indusind Bank chairman Sunil Mehta commits to addressing board accountability after Sebi's order highlighted accounting discrepancies and senior management awareness

IndusInd Bank Chairman Sunil Mehta has assured investors that the board of the lender is taking steps to assess roles and responsibilities and fixing staff accountability while acknowledging that accounting lapses were unfortunate. The ex parte (with respect to one side) interim order of the Securities and Exchange Board of India has turned the focus back on the board. The order highlights that several senior executives in the bank’s management were aware of the accounting discrepancies in the bank and insisted on getting the figures validated externally. The order, dated May 28, 2025, noted the bank appointed KPMG to review the discrepancies revealed by the internal team. 

Here is a look at the IndusInd board.

  Sunil Mehta, Chairman: Appointed on January 31, 2023. Mehta has 40 years’ leadership experience with institutions such as Citibank, AIG, State Bank of India, Punjab National Bank, and Yes Bank.

 

Akila Krishnakumar: She has led technology-driven companies building enterprise-scale solutions across the world. She had been on the board of State Bank of Mysore and is director on the board of Matrimony.com, Hitachi Energy India, TTK Prestige, and Brookprop Management Services.

 

Rajiv Agarwal: He has spent around 38 years in small-scale industries. Agarwal is director on the board of Autopress 

(India), Rightsource Technologies and Autosource India. 

 

Bhavna Doshi: A fellow member of the Institute of Chartered Accountants of India, Doshi provides advisory service in taxation, accounting, etc. She is former partner of a member firm of KPMG in India (BSR & Co), and has also been senior advisor to KPMG in India.

 

Pradeep Udhas: Senior advisor to the KPMG India chairman and chief executive officer (CEO), Udhas was senior partner at KPMG India, which he co-founded 27 years ago. He has incubated many services.

 

Lingam Venkata Prabhakar: He was executive director, Punjab National Bank, from March 2018 to January 2020 and has handled key verticals like credit, treasury, and human resources. He was managing director and CEO, Canara Bank, from February 2020 to December 2022.

 

Rakesh Bhatia: He has worked in banking and financial services for around 37 years. He is director on the board of Last Decimal, Reach Ajcon Technologies, Moo-Lah Technologies, Eiffel Partners and Eldee Insurtech.

 

Sudip Basu: Basu has over 25 years’ experience in various positions in banking and financial services with expertise in areas like risk management. He is serving as president (group risk) at the Hinduja group since 2019.

 

Jayant Deshmukh: He was a government official for over 31 years with experience in agriculture.