Amid insider trading row, IndusInd Bank appoints Alwyn Jay & Co. as secretarial auditor for five years

IndusInd Bank, which has been facing the heat over insider trading allegations against its former top executives, has announced the appointment of Alwyn Jay & Co., a peer-reviewed firm of Company Secretaries in Practice, as its secretarial auditor for five financial years from FY26 to FY30. The decision was taken at the board of directors meeting held on May 30, and is subject to approval by shareholders at the upcoming Annual General Meeting.

According to the bank’s disclosure to stock exchanges under Regulation 24A and 30 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, the appointment complies with guidelines laid out by the market regulator’s circular dated November 11, 2024. 

Alwyn Jay & Co., established in 2010, has a strong reputation in secretarial audits, corporate laws, taxation, and securities law, including corporate governance and CSR. The firm has a diverse client base comprising public sector companies, listed entities, multinational corporations, MSMEs, and leading corporations. It is also peer-reviewed and quality reviewed as per the guidelines of the Institute of Company Secretaries of India (ICSI), according to the disclosure on the BSE. The appointment does not involve any relationship with the bank’s directors, the disclosure clarified.

The board meeting discussed the matter, but the meeting continued to address other agenda items.

Last week, its promoter Ashok Hinduja had stood tall in support of the private sector lender. “I express my continued, unequivocal trust in the Chairman & Board of Directors of the Bank for their appropriate, swift actions in order to address discrepancies and attendant areas of concern,” says Ashok P. Hinduja, Chairman, IndusInd International Holdings Limited, promoter of IndusInd Bank, post Q4/FY 25 results announcement by IndusInd Bank.

"This would lead to higher standards of transparency and governance, leading to rebuilding trust in the bank. The coordinated efforts of current management under the guidance and monitoring of the board and other stakeholders have ensured that the bank’s business remains healthy, with robust capital adequacy. The continued confidence of the customers in the bank shows their trust in the institution, which has always been upheld. This shall be a new dawn with a sanitised slate to regain the position the Bank enjoyed for many decades," he had said.