New Delhi, May 31 -- The market regulator's map of IndusInd Bank's derivatives fiasco appears to contradict its chairman's claim that the board was kept in the dark, raising questions about whether the board should be held accountable in such cases.

On 21 May, IndusInd Bank chairman Sunil Mehta said the board was not informed of the derivatives discrepancies, and that it took swift measures when it came to know. However, an investigation by the Securities and Exchange Board of India (Sebi) found that though the bank disclosed the matter to exchanges on 10 March, 2025, the board had hired KPMG as early as 29 January, 2024 to review the discrepancies revealed by an internal team.

The day after the bank disclosed the discrepancies, its sha...