India's market regulator, the Securities and Exchange Board of India (SEBI), has found that Bank of America improperly shared material non-public information about a $180 million block trade and misled investigators during its probe. The allegations stem from a 2024 whistleblower complaint concerning the sale of shares in Aditya Birla Sun Life Asset Management (ABSL AMC). According to reports, SEBI issued a show-cause notice to Bank of America in November, alleging that the bank's deal team disclosed price-sensitive details of the block trade to employees outside the execution team. Furthermore, SEBI has accused the bank of providing inaccurate statements when questioned about the alleged leak and of failing to implement adequate internal controls to prevent the dissemination of confidential capital markets transaction information. Initially, Bank of America had reportedly told SEBI that its handling of the block trade complied with standard procedures. However, after conducting its own internal review, the bank revised its submissions and provided records indicating that individuals outside the core deal team had communicated with investors about the transaction. The sharing of non-public information ahead of market announcements is illegal in India and other jurisdictions, as it can allow privileged parties to profit from anticipated price movements. Bank of America is reportedly preparing a response to SEBI's accusations and is expected to seek a multi-million dollar settlement without admitting or denying wrongdoing. The case highlights SEBI's stringent oversight of financial institutions and its commitment to enforcing insider trading norms, even for global players operating in the Indian market. The investigation also led to the exit of senior officials from Bank of America's Indian operations in 2024.