SEBI Bhavan.(Image source: Wikimedia Commons) Photograph:( Others )
SEBI on Friday asked HDFC Bank to identify individuals, including bank officials responsible for the leakage of its financial results, as the markets regulator has found inadequate controls at the lender as 'prima facie' reason for the leak.
In the high-profile leakage case where sensitive financial details of various companies, including HDFC Bank, got leaked on WhatsApp before their formal announcement, SEBI virtually censured the top private sector lender and asked it to strengthen the systems and controls to check any such leak in future.
"HDFC Bank shall strengthen its processes/ systems/ controls forthwith to ensure that such instances of leakage of unpublished price sensitive information do not recur in future," the Securities and Exchange Board of India (SEBI) said in an order.
SEBI has also directed the bank to submit a report on the present systems and controls and how they have been strengthened, who are the persons responsible for monitoring such systems and the periodicity of monitoring.
"HDFC Bank shall conduct an internal inquiry into the leakage of unpublished price sensitive information relating to its financial figures including NPA (non-performing asset) results and take appropriate action against those responsible for the same, in accordance with law," SEBI said.
HDFC Bank has to complete the inquiry within three months and file a report to SEBI within seven days thereafter, the regulator said.