Home / Crime and Justice / SAT Denies Ex-IndusInd Bank Exec Wider Probe Records
SAT Denies Ex-IndusInd Bank Exec Wider Probe Records
6 Mar
Summary
- SAT rejected Arun Khurana's plea for broader access to Sebi investigation records.
- Khurana sought full inspection and copies of documents from Sebi's probe.
- Tribunal stated relevant materials are provided at adjudication stage.
The Securities Appellate Tribunal (SAT) has dismissed a plea from Arun Khurana, former deputy chief executive officer of IndusInd Bank, regarding an insider trading probe. Khurana had sought broader access to investigation records from the Securities and Exchange Board of India (Sebi), including full inspection and copies of documents referenced in Sebi's examination report.
SAT's bench ruled that Khurana had already received the necessary documents relied upon by the regulator. They stated that a noticee is entitled to relevant materials only at the adjudication stage, which this matter has not yet reached. Therefore, Khurana's request for the entire data collected during the investigation was deemed unjustified.
Khurana had argued that Sebi's interim order against him was based on selective evidence. Sebi's counsel informed the tribunal that the investigation involved a substantial dataset of approximately 1.7 terabytes of emails, from which relevant communications were identified using keyword filters.
