Complaints on price-sensitive info leak: Sebi raids 30 locations

Indian Express
December 23, 2017

The raids, which began in the morning, were conducted by over 70 officers from Sebi’s investigation, surveillance and enforcement division.

 

The Securities and Exchange Board of India (Sebi) on Friday raided over 30 locations mostly in Mumbai and Delhi in connection with the alleged leak of price sensitive information of listed firms through social media, said sources familiar with the development.

The raids, which began in the morning, were conducted by over 70 officers from Sebi’s investigation, surveillance and enforcement division. The Sebi officials were assisted by the state police officers, said a source.

“The markets regulator has seized numerous documents, registers, laptops, phones and computers during the raids,” the source said. According to sources, this is one of the biggest operations since Sebi got the search and seizure powers. The searches follow a probe into circulation of unpublished price sensitive information about various listed companies through WhatsApp messages and social media chatrooms.

Sources said the Sebi raids on Friday, allegedly targeted a few brokers, dealers and advisors of a particular Whatsapp group on which such price sensitive information was leaked. Earlier this month, the markets regulator had said that it is “seriously” looking into the complaints about circulation of key financial details and other market moving information of  listed companies on social media groups before they are made public.

“We are taking that (WhatsApp leaks) very seriously. How come such messages about reputed listed companies are leaked quite close to the financial results is something we are not going to sit quietly on,” Ajay Tyagi, Chairman of Sebi had said on December 12.

Circulation of unpublished price sensitive information and trading based on such information in the securities market is prohibited under the Sebi Insider Trading Regulations.

According to sources, Sebi and the exchanges are examining trade details of over two dozen stocks as part of a probe into the alleged leak of key financial details through social media platform WhatsApp. The regulator is  considering seeking call data records (CDRs) of all the persons involved in the circulating such price-sensitive information of listed companies before it is made public. As a part of its probe Sebi is also planning to seek clarification from brokerages and listed firms if such individuals were found to be associated with them.



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