Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

<ul>
<li>SEBI's order against IndusInd Bank's ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.</li>
<li>This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.</li>
<li>SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.</li>
</ul>


SEBI's order against IndusInd Bank's ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.
This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.
SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.


A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. </li>
<li>The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. </li>
<li>Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.</li>
</ul>



Indusind Bank (IIB IN) released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. 
The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. 
Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> faces significant accounting discrepancies, leadership resignations, and suspicions of fraud, with the bank announcing a net loss of Rs 2,329Crs in Q4 FY25 due to this.</li>
<li>The escalating situation, involving fraud suspicions and leadership resignations, raises concerns about the bank’s internal controls, financial reporting, and governance.</li>
<li>IndusInd Bank’s path forward hinges on transparent investigations, fixing internal control systems, and restoring leadership accountability. Investors should closely monitor the regulatory response and management’s corrective actions.</li>
</ul>



Indusind Bank (IIB IN) faces significant accounting discrepancies, leadership resignations, and suspicions of fraud, with the bank announcing a net loss of Rs 2,329Crs in Q4 FY25 due to this.
The escalating situation, involving fraud suspicions and leadership resignations, raises concerns about the bank’s internal controls, financial reporting, and governance.
IndusInd Bank’s path forward hinges on transparent investigations, fixing internal control systems, and restoring leadership accountability. Investors should closely monitor the regulatory response and management’s corrective actions.


IndusInd Bank Crisis: More Discrepancies, Losses, Suspected Fraud

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> does not seem to be able to get out of hot water.</li>
<li>In yet another accounting and governance pothole, the bank has disclosed a surprising take on interest income, which was overstated by INR 6.7 bn. </li>
<li>The internal audit department also reported unsubstantiated balances of INR 6 bn in other assets, which was netted off with liabilities. </li>
</ul>



Indusind Bank (IIB IN) does not seem to be able to get out of hot water.
In yet another accounting and governance pothole, the bank has disclosed a surprising take on interest income, which was overstated by INR 6.7 bn. 
The internal audit department also reported unsubstantiated balances of INR 6 bn in other assets, which was netted off with liabilities. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the review period complete, there could be two changes for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> and <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics (BHE IN)</a> are high probability inclusions while <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> and <a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN)</a> are high probability deletions.</li>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> is also a potential <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> deletion in September and there will be continued pressure on the stock.</li>
</ul>


With the review period complete, there could be two changes for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the June rebalance.

Trent Ltd (TRENT IN) and Bharat Electronics (BHE IN) are high probability inclusions while Indusind Bank (IIB IN) and Nestle India (NEST IN) are high probability deletions.

Indusind Bank (IIB IN) is also a potential NIFTY Index (NIFTY INDEX) deletion in September and there will be continued pressure on the stock.


SENSEX Index Rebalance Preview: Trent, Bharat Electronics Could Replace IndusInd Bank, Nestle

India

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

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Indusind Bank (IIB IN)

A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Nimish Maheshwari

IndusInd Bank: Auditors Caught Napping

Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...

Nitin Mangal

IndusInd Bank Crisis: More Discrepancies, Losses, Suspected Fraud

Indusind Bank faces accounting discrepancies, leadership resignations, and fraud suspicions, resulting in a significant Q4 FY25 net loss of Rs...

Nimish Maheshwari

IndusInd Bank- Never Ending Trouble

Indusind Bank faces more trouble for its accounting and governance practices. Latest announcement reveals excess interest charged worth INR 6.7 bn...

Nitin Mangal

SENSEX Index Rebalance Preview: Trent, Bharat Electronics Could Replace IndusInd Bank, Nestle

With the review period complete, Trent and Bharat Electronics could replace IndusInd Bank and Nestle in the Sensex in June. IndusInd Bank is also a...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

​SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Nimish Maheshwari

IndusInd Bank: Auditors Caught Napping

​Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...

Nitin Mangal

IndusInd Bank Crisis: More Discrepancies, Losses, Suspected Fraud

​Indusind Bank faces accounting discrepancies, leadership resignations, and fraud suspicions, resulting in a significant Q4 FY25 net loss of Rs...

Nimish Maheshwari

IndusInd Bank- Never Ending Trouble

​Indusind Bank faces more trouble for its accounting and governance practices. Latest announcement reveals excess interest charged worth INR 6.7 bn...

Nitin Mangal

SENSEX Index Rebalance Preview: Trent, Bharat Electronics Could Replace IndusInd Bank, Nestle

With the review period complete, Trent and Bharat Electronics could replace IndusInd Bank and Nestle in the Sensex in June. IndusInd Bank is also a...

Brian Freitas

SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...

Indusind Bank faces accounting discrepancies, leadership resignations, and fraud suspicions, resulting in a significant Q4 FY25 net loss of Rs...

Indusind Bank faces more trouble for its accounting and governance practices. Latest announcement reveals excess interest charged worth INR 6.7 bn...