India’s markets regulator SEBI has found that Bank of America improperly shared material non-public information about a $180 million block trade of stock and misled the authorities about it, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The Securities and Exchange Board of India accused BofA in November of improperly sharing information related to the sale of shares in Indian asset manager Aditya Birla Sun Life AMC in 2024, the report said.
BofA is preparing a response to SEBI’s accusations and is expected to seek a settlement in the millions of dollars without admitting or denying wrongdoing, WSJ reported.
Reuters could not immediately verify the report. The Securities and Exchange Board of India and Bank of America did not immediately respond to Reuters’ request for comment.