SEBI ‘finds’ confidential information leak from BofA on 2024 block trade: Report

NEW DELHI: Capital markets regulator Securities and Exchange Board of India (SEBI) has found that a Bank of America (BofA) unit improperly shared material non‑public information about a $180 million block sale and misled investigators, a report has claimed.

SEBI’s November show‑cause notice alleges the bank’s deal team disclosed price‑sensitive details of a 2024 sale of Aditya Birla Sun Life AMC shares to employees outside the execution team and later provided inaccurate statements to investigators, the report from the Wall Street Journal said, citing people familiar with the matter.

The regulator also allegedly faulted the bank for lacking adequate safeguards to prevent leaks of confidential capital‑markets transactions. Bank of America is preparing a response to SEBI's accusations and is expected to seek a multi‑million‑dollar settlement without admitting or denying wrongdoing, it said.