This is an ideograph for a biped. It is used for the noun person or people. The symbol shares a common root with the Chinese character rén 人.
Illustrative Text Reference:
Mohenjo-daro: Seal: M-856 a: Sayid Ghulam Mustafa Shah and Asko Parpola, 1991: Corpus of Indus Seals and Inscriptions: Volume 2: Page 78: Collections in Pakistan: Suomalainen Tiedeakatemia.
Comment:
See also Mahadevan's sign number 1086.
Image Credit:
Indus Script Sign Number 4693: List of Sign Variants: Iravatham Mahadevan, 1977: The Indus Script: Texts, Concordance and Tables: The Director General Archaeological Survey of India.