SEBI Accuses Bank of America of Sharing Confidential Info, Misleading Regulators

• SEBI found Bank of America improperly shared material non-public information about a $180 million block trade of Aditya Birla Sun Life AMC shares in 2024.
• BofA allegedly shared price-sensitive information with employees not directly involved in the deal.
• The regulator accused BofA of providing false statements to investigators regarding the alleged leak.
• SEBI claims BofA failed to implement adequate safeguards to protect confidential capital-markets transaction data.
• BofA is preparing a response and may seek a multi-million dollar settlement without admitting wrongdoing.

Why It Matters: SEBI alleges Bank of America shared confidential trade info and misled authorities, highlighting regulatory scrutiny.