SEBI’s probe reveals Bank's leaked result closely matched with actual figures
SEBI had initiated a preliminary examination in the matter of circulation of unpublished price sensitive information (UPSI) through WhatsApp groups. During the course of preliminary examination, it was observed that in respect of Axis Bank Limited, the messages circulated in WhatsApp groups almost matched with the quarterly financial results of Axis Bank for June 2017, which were published subsequently.
SEBI has therefore asked Axis Bank to conduct an internal enquiry into the source of alleged leakage of UPSI and strengthen its system. SEBI has directed Axis Bank to complete the inquiry within a period of 3 months from the date of the order, and within 7 days from the completion thereof, the Bank has to file a report to SEBI in that regard.
Axis Bank has commented by saying that it has been working closely with SEBI during preliminary examination. The Bank adheres to the highest norms of corporate governance and re-iterated its commitment to adequacy of processes, systems and controls, particularly to prevent unauthorised access to UPSI.
Mr Rajesh Dahiya, ED, Corporate Centre Axis Bank has said, “the Bank will work closely with SEBI and the best experts in the field to investigate the matter and will take action as appropriate”.
This news raises uncertainity on the Bank's future, as the results of the probe will determine if any material person is involved in the leakage and what kind of action SEBI takes.
Axis Bank Ltd is currently trading at Rs549.25, down by Rs5.3 or 0.96% from its previous closing of Rs554.55 on the BSE.
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