India's markets regulator launched a probe into dealers and analysts at brokerages, targeting a group that circulated companies' financial results ahead of official releases for the September quarter, The Hindu Business Line reported Dec. 22, citing "two sources close to the development."
Officials from the Securities and Exchange Board of India and the police department conducted search-and-seizure raids against 35 people in Mumbai, Delhi and Bengaluru, the report said.
News reports in November said some analysts had circulated leaked company results over mobile messaging service WhatsApp. The regulator then launched a probe against companies including Axis Bank Ltd., HDFC Bank Ltd. and Bajaj Finance Ltd., according to The Hindu Business Line. Sources told the publication that SEBI has also interrogated certain company officials regarding the issue.
A SEBI official said the operation would take place over two days, while the regulator did not respond to an email from the publication.