💨 Abstract

The Securities and Exchange Board of India (SEBI) has accused a Bank of America unit of violating insider trading rules during a 2024 share sale of Aditya Birla Sun Life Asset Management. SEBI found that the bank's deal team shared unpublished price-sensitive information with potential investors, breaching internal "Chinese walls." The bank's broking, research, and syndicate teams were involved in these interactions, which SEBI deemed a failure of internal controls.

Courtesy: Reuters