Insider Trades in Indusind Bank

The Securities and Exchange Board of India (Sebi) has barred former IndusInd Bank CEO Sumant Kathpalia and four other senior officials from trading in the securities market, following allegations of insider trading linked to a massive accounting discrepancy.

 

In an order issued on 28th May 2025, Sebi said that these individuals had traded in IndusInd Bank shares while being in possession of unpublished price sensitive information (UPSI), violating insider trading rules.

 

The other executives named in the order are Arun Khurana (former Executive Director and Deputy CEO), Sushant Sourav (Head of Treasury Operations), Rohan Jathanna (Head of GMG Operations), and Anil Marco Rao (Chief Administrative Officer – Consumer Banking Operations).

I tried to find out how many shares did Indusind Bank executives sold in last 10 years.

Below is the list of individuals who sold more than 5,000 shares in total, based on the absolute sum of their "Quantity" values:

Person	Total Shares Sold
Sumant Kathpalia	1,156,509
Arun Khurana	669,130
Zubin D Mody	331,998
Sanjeev Anand	207,000
Siddharth Banerjee	126,169
Paul Abraham	125,000
Romesh Sobti	125,000
Soumitra Sen	123,900
Anil Marco Rao	112,000
Ramesh Ganesan	80,000
Bijayananda Pattanayak	78,500
Roopa Satish	77,543
Parthasarathy S V	73,700
Anish Behl	60,680
Sachit Sahni	50,300
Ramaswamy Meyyappan	50,000
Gaurav Mittal	41,000
Kanchan Pandhre	39,650
Ashish Pipaliya	36,153
Vikas Mangla	30,000
Ejaz Nazeer	26,680
Sameer Gupta	25,000
Manish Modi	20,000
Sanjay Mallik	19,000
Dhananjay Bhardwaj	17,500
Amitabh Saraff	17,305
Ritesh Raj Saxena	15,000
Srinivas Reddy Vudumula	15,000
Mohit Jain	15,000
Lavneesh Gupta	15,000
Ashish A Malaviya	14,000
Rajagopalan T A	14,000
S V Zaregaonkar	14,000

Person-Wise Shares Sold by Month and Year

Below is the detailed breakdown of shares sold by each person (with total sales > 5,000 shares) by month and year. Only months where sales occurred are listed for each person.

Sumant Kathpalia (Total: 1,156,509 shares)

• Mar-23: 150,000 shares
• Jun-23: 220,827 shares
• Sep-23: 220,000 shares
• Dec-23: 99,000 shares
• Mar-24: 75,000 shares
• Jun-24: 185,991 shares
• May-18: 8,000 shares
• Jun-18: 2,000 shares
• Jul-18: 10,000 shares
• Aug-18: 19,691 shares
• Nov-18: 100,000 shares
• Feb-19: 100,000 shares
• Dec-19: 55,000 shares
• May-21: 106,000 shares (43,000 + 63,000)

Arun Khurana (Total: 669,130 shares)

• Nov-20: 8,300 shares
• Feb-21: 12,000 shares
• May-21: 44,000 shares
• Jun-21: 33,000 shares
• Jul-22: 3,016 shares
• Aug-22: 32,000 shares
• Sep-22: 10,000 shares
• Nov-22: 40,000 shares
• May-23: 20,082 shares
• Jun-23: 7,157 shares
• Jul-23: 33,491 shares
• Aug-23: 50,000 shares
• Sep-23: 35,000 shares
• Dec-23: 95,000 shares (85,000 + 10,000 revised)
• Jan-24: 25,000 shares
• Feb-24: 40,000 shares
• Mar-24: 34,500 shares
• May-24: 10,000 shares
• Jun-24: 204,000 shares

Zubin D Mody (Total: 331,998 shares)

• May-18: 500 shares
• Jun-18: 5,500 shares
• Dec-18: 5,000 shares
• Mar-19: 28,500 shares (20,000 + 8,500 revised)
• Dec-19: 28,000 shares
• Oct-23: 10,000 shares
• Nov-23: 77,048 shares
• Dec-23: 42,600 shares (28,600 + 14,000 revised)
• Aug-23: 10,000 shares
• Sep-23: 93,650 shares
• Feb-24: 7,000 shares
• Jun-24: 24,700 shares

Sanjeev Anand (Total: 207,000 shares)

• Jun-23: 10,200 shares
• Nov-23: 93,166 shares
• Dec-23: 81,834 shares
• Aug-21: 9,900 shares
• Nov-19: 12,000 shares

Siddharth Banerjee (Total: 126,169 shares)

• May-23: 1,353 shares
• Jun-23: 23,725 shares
• Aug-23: 14,091 shares
• Sep-23: 10,000 shares
• Nov-23: 4,000 shares
• Dec-23: 28,000 shares
• Jun-24: 30,000 shares

Paul Abraham (Total: 125,000 shares)

• Mar-19: 150,000 shares (120,000 + 30,000 revised)
• Dec-19: 80,000 shares
• Feb-21: 100,000 shares
• Aug-21: 50,000 shares
• Sep-21: 50,000 shares
• Dec-18: 50,000 shares
• Jul-18: 25,500 shares

Romesh Sobti (Total: 125,000 shares)

• Aug-20: 200,000 shares
• Dec-19: 150,000 shares (50,000 + 100,000)
• Nov-19: 75,000 shares (25,000 + 50,000)
• Mar-19: 100,000 shares
• Feb-19: 80,000 shares
• Aug-18: 80,000 shares
• Jul-18: 50,000 shares
• Jun-18: 20,000 shares

Soumitra Sen (Total: 123,900 shares)

• May-18: 3,500 shares
• Apr-18: 25,000 shares
• Jun-18: 900 shares
• May-23: 2,500 shares
• Sep-23: 10,000 shares
• Aug-23: 25,000 shares
• Dec-23: 55,000 shares (50,000 + 5,000 revised)
• Jun-24: 30,000 shares

Anil Marco Rao (Total: 112,000 shares)

• Mar-20: 62,000 shares
• Dec-19: 9,000 shares
• Nov-18: 15,500 shares
• Dec-18: 6,000 shares
• Sep-19: 8,000 shares
• Nov-20: 3,500 shares
• Dec-20: 14,000 shares
• Feb-21: 1,000 shares
• Mar-21: 6,000 shares
• May-21: 4,000 shares
• Jun-21: 7,000 shares
• May-22: 7,000 shares
• Jun-22: 21,000 shares
• Jul-22: 2,000 shares
• Aug-23: 4,000 shares
• Sep-23: 5,500 shares
• May-24: 1,000 shares
• Jun-24: 15,000 shares
• Mar-19: 57,000 shares (30,000 + 27,000 revised)
• Jul-18: 1,000 shares
• Jun-18: 1,000 shares
• Aug-18: 1,000 shares

Ramesh Ganesan (Total: 80,000 shares)

• Jan-23: 5,000 shares
• May-23: 25,000 shares
• Jun-23: 20,000 shares
• Sep-23: 20,000 shares
• Sep-21: 30,000 shares
• Aug-21: 5,000 shares
• Mar-19: 4,000 shares

Bijayananda Pattanayak (Total: 78,500 shares)

• Mar-23: 2,000 shares
• May-23: 17,000 shares
• Aug-23: 13,500 shares
• Sep-23: 20,000 shares
• Nov-23: 24,000 shares
• Dec-23: 34,000 shares (25,000 + 9,000 revised)
• Sep-21: 16,000 shares
• Mar-19: 15,000 shares (5,000 + 10,000 revised)
• Sep-19: 5,000 shares

Roopa Satish (Total: 77,543 shares)

• Aug-23: 8,500 shares
• Nov-23: 21,457 shares
• Feb-24: 77,543 shares

Parthasarathy S V (Total: 73,700 shares)

• Jun-18: 7,900 shares
• Jul-18: 25,500 shares
• Aug-18: 5,500 shares
• Dec-19: 5,000 shares
• Nov-19: 25,000 shares
• Sep-21: 20,000 shares
• Jun-21: 20,000 shares
• Mar-19: 10,000 shares
• Sep-22: 25,300 shares
• Jul-22: 10,000 shares

Anish Behl (Total: 60,680 shares)

• Aug-20: 5,000 shares
• Nov-20: 2,000 shares
• Sep-21: 20,000 shares
• Jun-21: 10,000 shares
• Feb-21: 5,000 shares
• Dec-18: 10,000 shares
• Nov-18: 1,500 shares
• Oct-19: 15,000 shares
• Sep-19: 7,500 shares
• Jun-23: 3,000 shares
• Nov-23: 10,000 shares
• Feb-24: 680 shares
• Jun-24: 18,000 shares
• Mar-19: 15,000 shares (10,000 + 5,000 revised)
• Feb-19: 5,000 shares

Sachit Sahni (Total: 50,300 shares)

• Dec-23: 20,000 shares
• Sep-23: 5,100 shares
• Mar-24: 15,300 shares
• Dec-22: 1,450 shares
• Sep-22: 8,450 shares

Ramaswamy Meyyappan (Total: 50,000 shares)

• Feb-19: 1,000 shares
• Jan-19: 7,000 shares
• Dec-18: 6,000 shares
• Nov-18: 3,500 shares
• Sep-18: 3,500 shares
• Aug-18: 3,500 shares
• Jul-18: 14,000 shares
• Jun-18: 1,000 shares
• Dec-19: 3,000 shares
• Nov-19: 8,000 shares
• Oct-19: 2,000 shares
• Aug-19: 13,000 shares (10,000 + 3,000 revised)
• Jul-19: 4,000 shares
• Feb-21: 6,000 shares
• Mar-21: 2,000 shares
• May-21: 6,000 shares
• Dec-22: 6,000 shares
• Mar-22: 5,000 shares
• Sep-22: 8,400 shares
• Jun-23: 3,000 shares
• May-23: 12,000 shares

Gaurav Mittal (Total: 41,000 shares)

• May-23: 5,000 shares
• Jun-23: 23,200 shares
• Aug-23: 20,000 shares
• Sep-23: 6,800 shares
• Nov-19: 5,000 shares

Kanchan Pandhre (Total: 39,650 shares)

• Dec-23: 8,100 shares
• Jun-23: 5,000 shares
• May-23: 6,500 shares
• Sep-21: 12,000 shares (1,000 + 11,000)
• Feb-21: 4,500 shares
• Dec-20: 1,000 shares
• Nov-19: 3,000 shares
• Aug-22: 1,150 shares
• Jul-22: 17,500 shares (8,000 + 9,500)
• May-21: 8,000 shares

Ashish Pipaliya (Total: 36,153 shares)

• Mar-23: 10,000 shares
• May-23: 11,450 shares
• Jun-21: 21,450 shares (21,450 + 21,450 revised)
• May-21: 4,253 shares

Vikas Mangla (Total: 30,000 shares)

• Dec-23: 5,100 shares
• Jun-23: 6,000 shares
• May-23: 6,000 shares
• Feb-23: 1,611 shares
• Dec-22: 3,000 shares
• Nov-21: 2,000 shares
• Sep-18: 8,218 shares
• Dec-18: 5,000 shares
• Mar-19: 9,000 shares (revised)
• Sep-19: 1,000 shares
• Aug-23: 12,171 shares

Ejaz Nazeer (Total: 26,680 shares)

• Sep-19: 12,000 shares
• Aug-19: 1,000 shares
• Jul-19: 2,980 shares
• Sep-18: 10,600 shares
• Jul-18: 740 shares
• Mar-24: 5,000 shares
• Jun-24: 10,000 shares

Sameer Gupta (Total: 25,000 shares)

• Sep-20: 2,000 shares
• Aug-20: 9,000 shares
• Sep-21: 6,000 shares
• Jun-21: 5,500 shares
• Aug-21: 8,500 shares
• Nov-18: 7,000 shares
• Sep-22: 9,000 shares
• Dec-23: 500 shares
• Jun-24: 7,000 shares
• Mar-19: 7,500 shares (revised)

Manish Modi (Total: 20,000 shares)

• May-23: 13,900 shares
• Sep-23: 20,000 shares
• Nov-23: 6,800 shares
• Sep-22: 1,000 shares

Sanjay Mallik (Total: 19,000 shares)

• May-18: 19,000 shares
• Jun-21: 16,500 shares

Dhananjay Bhardwaj (Total: 17,500 shares)

• May-22: 3,300 shares
• May-23: 7,000 shares
• Sep-23: 3,400 shares
• May-21: 6,000 shares
• Mar-21: 5,100 shares
• Sep-21: 2,600 shares
• Aug-21: 2,600 shares
• Jun-21: 2,500 shares

Amitabh Saraff (Total: 17,305 shares)

• May-23: 27,280 shares
• Aug-22: 6,500 shares
• Sep-21: 4,525 shares

Ritesh Raj Saxena (Total: 15,000 shares)

• Jan-18: 1,500 shares
• Mar-19: 10,000 shares
• Sep-19: 5,000 shares
• Dec-23: 2,000 shares
• Jun-23: 6,600 shares

Srinivas Reddy Vudumula (Total: 15,000 shares)

• Dec-22: 5,000 shares
• Sep-22: 7,000 shares
• Nov-20: 2,000 shares
• Aug-20: 1,000 shares
• Sep-19: 8,000 shares
• May-21: 5,000 shares
• Jun-21: 5,000 shares
• Jul-23: 3,500 shares
• Dec-23: 6,500 shares
• Jun-23: 5,000 shares

Mohit Jain (Total: 15,000 shares)

• Sep-18: 21,550 shares
• Nov-19: 11,000 shares
• Jul-19: 6,200 shares
• Aug-19: 5,300 shares (1,000 + 5,300 revised)

Lavneesh Gupta (Total: 15,000 shares)

• Sep-18: 15,000 shares

Ashish A Malaviya (Total: 14,000 shares)

• Dec-22: 5,000 shares
• May-23: 2,000 shares
• Jun-23: 3,000 shares
• Sep-21: 10,000 shares
• Nov-19: 5,000 shares
• Dec-18: 2,000 shares
• Nov-18: 1,000 shares
• Jul-18: 1,400 shares
• Jun-21: 5,000 shares
• Sep-19: 3,000 shares

Rajagopalan T A (Total: 14,000 shares)

• Nov-19: 22,700 shares
• Sep-21: 7,400 shares
• Nov-18: 5,000 shares
• Sep-22: 2,900 shares

S V Zaregaonkar (Total: 14,000 shares)

• Sep-22: 35,000 shares