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SEBI tightens the noose on leakage of confidential information

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SEBI tightens the noose on leakage of confidential information

Mar 19, 2018 1:16 AM

Securities and Exchange Board of India (SEBI), the market regulator is keeping a tight check on the leakage of confidential information of companies in the wake of unpublished financial results finding their ways into Whatsapp groups.

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The regulator has asked the companies to frame a policy with regard to their sensitive information. It also demanded that the companies convey the policies to employees, monitor price changes before important events like earnings releases; conduct background checks of employees dealing with such vital information.

Sebi formed a committee, led by former law secretary T.K. Viswanathan to review its rules on insider trading and unfair trading practices. It is expected to submit a report next month.

Previously, SEBI had passed orders against Axis Bank Ltd, HDFC Bank Ltd, Tata Motors Ltd and Bata India Ltd., asking them to conduct inquiries.

On March 9, a report from KPMG stated that companies need to control the number of employees with access to confidential information.

First Published:Mar 19, 2018 9:16 AM IST

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