New Delhi, May 28 -- India's capital markets watchdog has cracked down on IndusInd Bank Ltd's (IBL) former managing director and chief executive officer (CEO) Sumant Kathpalia, along with four other senior officials for alleged insider trading, impounding gains of Rs.19.78 crore and restraining them from trading in securities until further notice.

The five executives were issued show-cause notices over allegations of offloading shares while in possession of unpublished price sensitive information (UPSI) related to a massive accounting discrepancy.

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Apart from Kathpalia, the Securities and Exchange Board of India's (Sebi's) order on Wednesday barred forme...