SEBI Orders Axis Bank to conduct internal inquiry in Data leak case

Mumbai Dec 28: The Securities and Exchange Board of India (Sebi) on Wednesday has ordered Axis bank Ltd to conduct an internal inquiry into the suspected leak of its June quarter financial results.

SEBI is currently probing the suspected leak of the financial results in social media has suspected that the results of Axis bank had also been leaked and ordered the bank to conduct an internal inquiry.

Rajesh Dahiya, executive director (corporate center) at Axis Bank has reacted to the orders and said that "The Bank adheres to highest norms of governance and reiterates its commitment to adequacy of processes, systems, and controls, particularly to prevent unauthorized access to UPSI".

He added that "The bank will work with Sebi and the best experts in the field to investigate the matter and will take action as appropriate."

Earlier SEBI officials in their orders have said that "It prima facie appears that the financial results of Axis Bank for the quarter ended June 2017 were finalized by July 24, 2017, which was before circulation of WhatsApp message on July 25, 2017."

Officials have also said that "The bank would need to conclude the investigations within three months and submit its report to the regulator. The bank has also been asked to strengthen its processes to prevent leak of information. "