ABSL AMC Shares Plunge 4% as SEBI Alleges BofA Breached Insider Trading Rules

• ABSL AMC shares dropped nearly 4% after SEBI accused a Bank of America (BofA) unit of insider trading violations.
• SEBI alleges BofA breached "Chinese walls" during a March 2024 share sale of Aditya Birla Sun Life Asset Management.
• BofA's deal team, possessing unpublished price-sensitive information, allegedly contacted potential investors.
• The bank's broking arm, research team, and Asia-Pacific syndicate team reportedly shared confidential valuation reports.
• SEBI also claims BofA suppressed material facts and made false statements during the investigation.

Why It Matters: SEBI's insider trading allegations against BofA unit led to a significant fall in ABSL AMC shares.