Sebi Accuses EY, PwC Executives of Insider Trading in Yes Bank Deal

• India's market regulator, Sebi, has accused current and former executives at PwC and EY, along with others, of insider trading related to Yes Bank's 2022 share sale.
• Executives from US private equity firms Carlyle Group and Advent International are also accused of sharing unpublished price-sensitive information.
• The November notice, not previously public, alleges illegal profits were made by trading Yes Bank shares before the July 2022 offering, where Carlyle and Advent bought a 10% stake for $1.1 billion.
• Sebi's investigation found that EY failed to adequately restrict trading for employees with access to sensitive information, and PwC lacked a 'restricted stock list' for advisory clients.
• The regulatory action, a rare case involving senior executives at global firms, highlights Sebi's increased crackdown on market manipulation and insider trading.

Why It Matters: Sebi has accused executives from EY, PwC, Carlyle, and Advent of insider trading in the Yes Bank share deal.