MUMBAI: The Securities and Exchange Board of India has asked
HDFC BankBSE 1.34 % to strengthen its internal processes and systems after the
regulator noticed leakage of price sensitive information relating to financial
results on WhatsApp groups before it was officially announced on stock exchanges.
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| SEBI Registered Company in Indore |
The regulator on Friday asked the country's largest private
sector lender in terms of market capitalisation, to conduct an internal inquiry
on all the persons involved in the preparation of board notes and
presentations, who had access to information, were involved in consolidation of
the figures and dissemination of information relating to financial results in
the public domain.
Sebi has also sought inquiry on all the members of
committees involved in generation of the original data for the purpose of
determinsation of key figures pertaining to financial figures including Gross
non performing assets (GNPA).
The regulator has directed the bank to complete its inquiry
within a period of three months from the date of the order and submit its
report.
HDFC Bank is one of the 12 companies whose financial results
were leaked on WhatsApp group before it was officially announced on stock
exchanges.
Sebi said its preliminary examination showed that the messages circulated in
WhatsApp groups almost matched the quarterly financial results of HDFC Bank for
June 2017, which were published subsequently.
The regulator said such resemblance of the information
circulated in the WhatsApp groups with the actual financial results prime facie
indicates that the financial figures of HDFC Bank, were in circulation prior to
official announcement.
"The same could not have been possible without leakage
of information from the persons,who were privy to the information relating to
financials prior to its official announcement," Madhabi Puri Buch
whole-time member of Sebi said in her order.
The regulator said at this stage, the source and origin of the leakage of
unpublished price sensitive information cannot be ascertained.
"Such leakage is prima facie attributable to the inadequacy of the
processes/controls and systems that HDFC Bank as a listed company had put in
palce,"Sebi said.
Last year in November, Reuters reported that financial results of some of the
major Indian companies including Dr Reddy's were circulated in WhatsApp groups
of traders just before the companies officially declared the results.
Other companies whose financial results were leaked include
Cipla, Tata Steel, Wipro, Bajaj Finance, Mahindra Holidays and Resorts and
Crompton Greaves Consumer Electricals.
Last year in December ,Sebi conducted a ‘search and seizure’
operation with the help of Mumbai police on 34 individuals who are dealers and
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