Archive · 8 Jan 2026
SEBI Accuses BofA of Data Leak in 2024 Deal
India's stock market regulator, SEBI, is investigating Bank of America for sharing secret information about a big stock sale in 2024.
The bank is accused of telling unauthorized employees and investors about the deal and then giving wrong information to the regulators during the investigation.
SEBI says the bank didn't have good enough rules to keep the information secret.
The bank is preparing to respond and might have to pay a fine, but they won't admit they did anything wrong.
This all started when someone inside the bank reported the problem to SEBI.
The bank was appointed to manage the transaction on February 28, 2024, while the formal announcement of the share sale was made on March 18, 2025.
SEBI accused Bank of America of sharing confidential information about a $180 million stock trade in 2024 with unauthorized employees and investors.
The regulator also alleged that the bank provided false or misleading statements during the investigation.
SEBI claimed the bank lacked adequate internal controls to prevent the dissemination of confidential deal information.
Bank of America initially denied wrongdoing but later revised its submissions, admitting that unauthorized employees had communicated with investors.
The bank is preparing a formal response and may seek a settlement involving a financial penalty without admitting or denying wrongdoing.
- Who
- Bank of America and the Securities and Exchange Board of India (SEBI)
- What
- SEBI's investigation into Bank of America for sharing confidential deal information and misleading regulators
- When
- The incident occurred in 2024, and the investigation lasted a year, with a show-cause notice issued in November 2025
- Where
- India
- Why
- SEBI alleged that Bank of America shared price-sensitive information with unauthorized employees and provided inaccurate statements during the investigation
SEBI's Allegations
Bank of America's Response
Sharing Confidential Information
SEBI's Allegations
SEBI alleges that Bank of America shared confidential information about a $180 million stock trade with unauthorized employees and investors.
Bank of America's Response
Bank of America has not admitted guilt but has acknowledged that unauthorized employees communicated with investors.
Misleading Statements
SEBI's Allegations
SEBI claims that Bank of America provided false or misleading statements during the investigation.
Bank of America's Response
Bank of America is preparing a formal response and may seek a settlement without admitting or denying wrongdoing.
Internal Controls
SEBI's Allegations
SEBI asserts that the bank lacked adequate internal controls to prevent the dissemination of confidential deal information.
Bank of America's Response
Bank of America has not publicly commented on the adequacy of its internal controls.
- Regulator
- Securities and Exchange Board of India (SEBI)
- Bank Involved
- Bank of America
- Transaction Amount
- $180 million (Rs 1,500 crore)
- Company Involved
- Aditya Birla Sun Life AMC
- Allegations
- Sharing confidential information, providing misleading statements, inadequate internal controls
- Investigation Duration
- 1 year
- Potential Outcome
- Financial penalty without admission of wrongdoing
- Investors Named
- HDFC Bank, Norges Bank, Enam Holdings
- Whistleblower Complaint
- 2024
Sources
BofA In SEBI Probe Over Confidential Deal Data Leak
SEBI Finds Confidential Data Leak By BofA In 2024 Block Trade: Report
SEBI finds BofA shared confidential data in $180 million block trade in 2024- Report
SEBI ‘finds’ confidential information leak from BofA on 2024 block trade: Report
SEBI says BofA shared confidential information ahead of 2024 $180 mn Aditya Birla Sun Life deal
