Indusind Bank has announced the appointment of Anand Vardhan as its new General Counsel and designated him as Senior Management Personnel, effective September 30, 2025. The decision was approved by the bank's Board of Directors, marking a significant addition to IndusInd Bank's leadership team.

A Seasoned Legal Professional

Anand Vardhan brings a wealth of experience to his new role, boasting an impressive 26-year career in the legal field. Prior to joining IndusInd Bank, Vardhan served as the Group General Counsel at Piramal Group since 2013, where he gained extensive experience in handling various legal matters and complex deals.

Expertise and Track Record

Vardhan's expertise spans several crucial areas of legal practice, including:

• Legal documentation
• Litigation and dispute resolution
• Stressed accounts management
• Legal policies and procedures
• Regulatory compliance
• Strategic partnerships

His proven track record in these areas is expected to be a valuable asset to IndusInd Bank as it navigates the complex legal landscape of the banking sector.

Professional Background

Before his tenure at Piramal Group, Anand Vardhan held several notable positions in the financial and real estate sectors:

• General Counsel at SUN-Apollo Ventures
• Associate VP & Head – Legal at HDFC Property Fund
• Manager - Legal at ICICI Bank
• Legal role at Tata Housing

This diverse experience across different organizations has equipped Vardhan with a comprehensive understanding of legal challenges in various industries.

Educational Background

Anand Vardhan's strong educational foundation complements his professional experience:

• Graduate from Hansraj College
• Law degree from Campus Law Centre, University of Delhi
• Member of the Institute of Company Secretaries of India

Implications for IndusInd Bank

The appointment of Anand Vardhan as General Counsel and Senior Management Personnel signifies IndusInd Bank's commitment to strengthening its legal and compliance framework. His extensive experience and expertise are likely to contribute significantly to the bank's strategic decision-making processes and risk management practices.

As IndusInd Bank continues to grow and navigate the evolving regulatory landscape, Vardhan's appointment is poised to enhance the bank's legal capabilities and corporate governance standards.

The bank's decision to bring on board a legal professional of Vardhan's caliber underscores the increasing importance of robust legal oversight in the banking sector, particularly in areas such as regulatory compliance, dispute resolution, and strategic partnerships.

Indusind Bank , one of India's leading private sector banks, has seen a significant increase in directors' sitting fees. This surge comes in the wake of a derivatives portfolio discrepancy disclosed on March 10, which led to a substantial increase in board meetings and oversight activities.

Sharp Rise in Directors' Compensation

The bank's directors have received notably higher sitting fees, primarily due to the increased frequency of board meetings following the derivatives portfolio issue. Here's a breakdown of the changes in compensation for key board members:

Surge in Board Meetings

IndusInd Bank witnessed a dramatic increase in the number of meetings held between March and August, with 180-200 meetings taking place during this period. This is a stark contrast to the significantly fewer meetings held during the same timeframe in the previous year. The total number of board meetings rose to 31, up from 21 in the previous year.

Committee Activities

Among the various committees, the risk management committee saw the most pronounced increase in activity:

• Risk Management Committee meetings increased from 5 to 14

Compensation Structure

IndusInd Bank's compensation structure for board meetings is as follows:

• ₹1 lakh per board meeting
• ₹75,000 per committee meeting

Reasons for Increased Oversight

The bank attributed the need for increased oversight to two main factors:

1. The exit of key managerial personnel
2. Regulatory direction to establish a board oversight committee

These circumstances necessitated more frequent meetings and closer monitoring of the bank's operations, particularly in light of the derivatives portfolio discrepancies.

The significant increase in directors' compensation reflects the heightened responsibilities and time commitment required to navigate the bank through this challenging period. As IndusInd Bank works to address the issues surrounding its derivatives portfolio, the increased board engagement demonstrates a commitment to strengthening governance and risk management practices.