IndusInd Bank’s board is likely to unveil its shortlist for the next chief executive officer (CEO) on Monday, a key development as the lender looks to bounce back from months of disruption triggered by a derivatives trading fiasco and subsequent leadership crisis. 

The move comes in response to the Reserve Bank of India’s (RBI) directive, which asked the bank to submit its CEO recommendations by June 30.

According to reports, as that deadline arrives, three names have emerged as frontrunners for the top post: Rajiv Anand, currently Deputy Managing Director at Axis Bank and set to retire in August; Anup Saha, Managing Director at Bajaj Finance known for his expertise in digital and retail banking; and Rahul Shukla, former Group Head at HDFC Bank, who is currently on a sabbatical and is recognised for his deep experience in commercial and rural banking.

The new leader will be responsible for restoring investor confidence, tightening internal controls, and guiding the bank through a phase of rebuilding and regulatory scrutiny, as per reports.

The leadership change comes amid an ongoing investigation by the Securities and Exchange Board of India (SEBI) into accounting irregularities at the private sector lender.

Earlier this month, SEBI issued a corrigendum to its interim order, clarifying that the global consulting firm KPMG was appointed based on an ‘engagement note’ rather than a more formal ‘board note’.

This correction was part of a broader probe into how the bank handled internal discrepancies that eventually led to a reported financial loss of Rs 2,093 crore.

KPMG was brought in by IndusInd Bank in February 2024 to assess the financial impact of the irregularities.

Despite the scale of the losses, SEBI found that the bank failed to disclose this information to stock exchanges on time or mark it as price-sensitive data until early March 2025.

The regulator named four senior executives for their roles in the matter and barred them from dealing in securities until further notice.