India's securities regulator asked HDFC Bank Ltd. to strengthen its existing systems and controls after parts of its quarterly results were leaked through WhatsApp messages.
The Securities and Exchange Board of India on Feb. 23 ordered HDFC Bank to conduct an internal inquiry into the leakage of its financial figures on WhatsApp ahead of the official announcements to the stock exchanges and take appropriate action against those responsible.
SEBI initiated a preliminary examination after it observed that messages in WhatsApp closely matched the quarterly financial results of HDFC Bank for June 2017. The financial figures were circulated July 21, 2017, in a WhatsApp post, while the actual results were reported July 24, 2017.
The regulator said there were inadequate controls at the bank and that the bank should make sure such instances of leakage do not recur in the future. The bank should also complete its inquiry into the matter within three months.