SEBI Accuses Bank of America of Leaking Confidential Data in ABSL AMC Stake Sale

• SEBI alleges Bank of America improperly shared material non-public information regarding a $180 million block trade in Aditya Birla Sun Life AMC shares.
• The regulator issued a show cause notice in November, accusing the bank of circulating price-sensitive details to unauthorized employees.
• SEBI claims Bank of America gave inaccurate responses to investigators and lacked adequate safeguards against information leaks.
• Bank of America is preparing a reply and may pursue a multi-million dollar settlement without admitting wrongdoing.
• The issue was first flagged by a whistleblower in 2024, leading to an internal probe and the exit of three investment bankers in India.

Why It Matters: SEBI accuses Bank of America of information leak and misleading probe in ABSL AMC stake sale.