Almost 40 listed companies could go under the scanner of the Securities and Exchange Board of India (SEBI), as it probes the alleged leak of sensitive and confidential data on WhatsApp groups by people and to check whether companies and their officials are engaged with the issue. As a component of its examinations into different chat groups, the capital market controller has discovered references to around 40 companies, with discussions running from corporate outcomes, potential deals, plan of courses of action, regulatory approval and other critical announcements, said a person acquainted with the issue. The probe identifies with people inluding analysts, brokers, investment advisers and company officials who are sharing key data like unpublished price sensitive data (UPSI) in specialized speech on WhatsApp groups before such data is revealed to the stock trades according to the regulatory requirements. A person has said that "The proofs that SEBI has received till now demonstrates that only financial information has been shared, as well as tip offs related to forthcoming preferential share allotment, block deals, demerger, stock slpits or bonus issues, court case updates and buybacks have been shared before the same has been declared to the stock trades". Further, organizations like Jubilant Life Sciences, Coal India, Glenmark Pharmaceuticals, Century Textiles Industries, CESC, Cipla, LIC Housing Finance, Yes Bank, Zee Media Corporation, Maruti Suzuki India, JSW Steel and Sun Pharmaceutical Industries were consistently highlighted in the conversation in some of the groups and are under the regulatory scanner. R.S. Loona managing partner of Alliance Corporate Lawyers said that not only money related information, but any other data that could materially affect the execution and financials of the organization was considered as UPSI and move could be made against substances endeavouring to exploit such data. On December 22, SEBI directed inquiry and seizure operations crosswise over 34 areas, seizing documents, PCs and even cell phones as proof from people affirmed to be a part of these chat groups. Sumit Agrawal, accomplice, Suvan Law Advisors and a previous SEBI law officer said that the controller should grow the examinations to organizations to burrow further and discover the underlying foundations of the issue.
Courtesy/By: Priyanka Gautam
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07 Jan 2018
