Sebi began a probe last month after a media report surfaced with respect to circulation of Unpublished Price Sensitive Information (UPSI) in various private WhatsApp groups about certain companies, including Axis Bank, ahead of their official announcements. 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. “Thus, it prima facie appears that the financial results of Axis Bank for quarter ended June 2017 were finalised by July 24, 2017, which was before circulation of WhatsApp message on July 25, 2017,” Sebi said. The inquiry should also cover role of “any other persons who had access to the information”, Sebi told Axis Bank.

Source: Hindustan Times December 27, 2017 15:22 UTC