The regulator subsequently sought information from Axis Bank and asked it to submit information regarding the processes and controls it has in place regarding UPSI handling. In response, Axis Bank submitted that it has ensured adherence to the applicable laws and adopted adequate processes and controls to maintain confidentiality of price sensitive information relating to the bank. Since July 1, various rounds of meetings and discussions were conducted among the officials and auditors of Axis bank in the process of finalisation of quarterly results. Accordingly, Sebi asked Axis Bank to "strengthen its processes/systems/controls forthwith to ensure that such instances of leakage of unpublished price sensitive information do not recur in future". The inquiry should also cover role of "any other persons who had access to the information", Sebi told Axis Bank.

Source: Times of India December 27, 2017 15:11 UTC