Sebi alleges BofA unit shared private info

THE SECURITIES AND Exchange Board of India (Sebi) has accused a Bank of America (BofA) entity of violating insider trading rules and breaking internal “Chinese walls” in a 2024 share sale, a notice from the markets regulator showed.

- JAYSHREE P UPADHYAY

The notice followed a Sebi investigation into the conduct of BofA’s Indian securities unit in managing a March 2024 Aditya Birla Sun Life Asset Management (ABSL AMC) stock sale.

BofA, which did not respond to requests for comment, has filed an application with Sebi to settle the charges without admitting guilt, a source with direct knowledge of the matter said. The application is under review by Sebi, said the source, who spoke on condition of anonymity.

BofA is also responding to the Sebi notice, a second source with direct knowledge said.

THE DROP CAME despite the first advance estimates for FY26 GDP signalling robust growth, supported by a manufacturing rebound and a resilient services sector. Over the past four sessions, the Sensex and the Nifty have fallen 1,581.05 points (1.84%) and 451.70 points (1.72%), respectively.