WhatsApp Leak Case

The case pertains to the circulation of UPSI in various private WhatsApp groups about certain companies, including Axis Bank, ahead of their official result announcements to the stock exchanges

In the high-profile WhatsApp case, Sebi has dismissed insider trading charges against individuals, who circulated alleged unpublished price-sensitive information about the financial results of certain companies, including TCS and Ultratech Cement. Those individuals are -- Shailendra Mehta, Aditya Omprakash Gaggar, Shruti Vishal Vora and Neeraj Kumar Agarwal, the Securities and Exchange Board of India (Sebi) said in five separate orders. The latest orders came after the Securities Appellate Tribunal (SAT) had set aside Sebi's insider trading charges against certain individuals in the WhatsApp leak case in March 2021 and the same was upheld by the Supreme Court on September 26 this year. The case pertains to the circulation of Unpublished Price Sensitive Information (UPSI) in various private WhatsApp groups about five companies -- Tata Consultancy Services (TCS), Ultratech Cement, Bata India, Tata Chemicals and Mindtree -- ahead of their official announcements to the stock exchanges.

The SAT has set aside Sebi's insider trading charges against few individuals, who circulated alleged unpublished price sensitive information about the financial results of half-a-dozen companies

WhatsApp chats extracted from the seized devices were examined further and while examining the chats, it was found that earnings data and other financial information of around 12 companies were leaked

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Limite the access of social media or instant messaging platforms during sensitive time period, said KPMG

Sebi had found inadequate controls at HDFC Bank to be the 'prima facie' reason for the leakage of financial information through WhatsApp

Sebi said the source of the leakage under the Prohibition of Insider Trading Rules cannot be ascertained

Sebi on Wednesday ordered Axis Bank to strengthen its systems and conduct an internal probe to fix responsibility in the Whatsapp leak case

Axis Bank has to complete the internal inquiry within three months and file a report to Sebi within seven days thereafter