Sebi alleges BofA unit shared private information

THE WALLSTREET Journal first reported the October 30 dated Sebi notice, citing people familiar with the matter.

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Sebi did not respond to requests for comment from Reuters.

Sebi’s notice, which is not public and has been reviewed by Reuters, said its investigation found BofA’s deal team, while holding unpublished price-sensitive information on the share sale, contacted potential investors “directly/indirectly”.At this team’s request, BofA’s broking arm, research team and Asia-Pacific syndicate team contacted investors and shared valuation reports and other confidential details, it said.

Sebi’s notice cites BofA interactions with HDFC Life, the country’s second-largest private insurer, Norges Bank, Norway’s central bank, and its investment firm Enam Holdings.