SEBI ALLEGES INSIDER TRADING BY EY & PWC EXECUTIVES
India’s market regulator, SEBI, has issued show-cause notices accusing current and former executives at consulting firms EY and PwC, along with personnel linked to private equity firms Carlyle Group and Advent International, of violating insider trading rules tied to a 2022 Yes Bank share sale.
The notice says unpublished price-sensitive information about the deal—which involved Carlyle and Advent buying a 10% stake in Yes Bank for about $1.1 billion—was shared and used to make illegal gains in the market. Yes Bank shares jumped ~6% after the public announcement in July 2022.
A total of 19 individuals are accused; some traded on confidential information and others shared it. SEBI also pointed to weak compliance practices at EY and PwC regarding restricted trading lists and internal controls.
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