{"id":1305447,"date":"2026-01-28T08:51:32","date_gmt":"2026-01-28T03:21:32","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1305447"},"modified":"2026-01-28T08:52:01","modified_gmt":"2026-01-28T03:22:01","slug":"sebi-accuses-ey-pwc-employees-of-insider-trading-during-yes-bank-deal-in-2022","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/sebi-accuses-ey-pwc-employees-of-insider-trading-during-yes-bank-deal-in-2022\/","title":{"rendered":"SEBI Accuses EY, PwC Employees Of Insider Trading During Yes Bank Deal In 2022"},"content":{"rendered":"\n<p>India\u2019s capital markets watchdog, the <strong>Securities and Exchange Board of India (SEBI)<\/strong>, has taken the rare step of accusing current and former executives from global consulting firms <strong>EY and PwC<\/strong> of breaching insider trading norms, according to a regulatory notice reviewed by Reuters. The action highlights increased scrutiny of compliance among advisers and <a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/india-regulator-accuses-executives-ey-pwc-among-others-insider-trading-notice-2026-01-23\/\">private-equity professionals<\/a> involved in high-profile transactions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2026\/01\/Untitled-design-2-4-1280x720-1-1024x576.jpeg\" alt=\"\" class=\"wp-image-1305455\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2026\/01\/Untitled-design-2-4-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2026\/01\/Untitled-design-2-4-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2026\/01\/Untitled-design-2-4-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2026\/01\/Untitled-design-2-4-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Allegations in the Yes Bank Transaction<\/strong><\/h2>\n\n\n\n<p>The insider trading accusations arise from SEBI\u2019s investigation into the <strong>July 2022 equity transaction involving Yes Bank<\/strong>, in which U.S. private-equity firms <strong>Carlyle Group<\/strong> and <strong>Advent International<\/strong> acquired a combined <strong>10 percent stake for about $1.1 billion<\/strong>. SEBI\u2019s regulatory notice \u2014 issued in <strong>November 2025<\/strong> but only recently reported \u2014 alleges that <strong>unpublished price-sensitive information<\/strong> related to the deal was shared among executives at Carlyle, Advent, EY and PwC, and that some individuals used this privileged information to trade Yes Bank shares before the public announcement.<\/p>\n\n\n\n<p>According to the notice, <strong>19 individuals<\/strong> are implicated, including two executives from PwC and EY along with <strong>five family members and friends<\/strong> who allegedly made <strong>unlawful gains<\/strong> by trading ahead of the share offering. In addition, SEBI has accused some of the executives of facilitating the improper sharing of confidential information. Most of the accused are reported to <strong>still be employed<\/strong> at their respective firms.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Compliance Lapses and Show-Cause Notices<\/strong><\/h2>\n\n\n\n<p>SEBI\u2019s notice also highlights <strong>compliance deficiencies<\/strong> at both EY and PwC. In EY\u2019s case, the regulator noted that its <strong>restricted trading lists<\/strong> \u2014 designed to prevent trading by employees with access to sensitive information \u2014 were not sufficiently broad, allowing partners and staff with potential exposure to the Yes Bank deal to trade shares without appropriate restrictions. PwC likewise was found to have <strong>inadequate internal controls<\/strong> to prevent trading or sharing of unpublished information arising from its advisory roles.<\/p>\n\n\n\n<p>By issuing <strong>show-cause notices<\/strong>, SEBI\u2019s first formal step post-investigation, the regulator has asked the named executives and firms to <strong>explain why penalties or sanctions should not be imposed<\/strong> under India\u2019s insider trading regulations. If SEBI\u2019s findings are upheld after due process, the individuals and potentially the firms could face <strong>monetary penalties or trading restrictions<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Wider Implications for Market Integrity<\/strong><\/h2>\n\n\n\n<p>The allegations mark a significant enforcement action against executives at major professional services firms and private-equity investors. Insider trading enforcement by SEBI has historically targeted individuals and brokers, but extending scrutiny to senior advisers from <strong>Big Four consulting firms<\/strong> and global investment firms underscores regulators\u2019 intent to uphold <strong>market transparency and investor confidence<\/strong>.<\/p>\n\n\n\n<p>While SEBI has not publicly released the notice or detailed comments on the ongoing matter, the case underscores <strong>heightened regulatory vigilance<\/strong> in India\u2019s capital markets \u2014 particularly around high-value transactions that attract foreign and domestic investors alike.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s capital markets watchdog, the Securities and Exchange Board of India (SEBI), has taken the rare step of accusing current and former executives from global consulting firms EY and PwC of breaching insider trading norms, according to a regulatory notice reviewed by Reuters. The action highlights increased scrutiny of compliance among advisers and private-equity professionals [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1305455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[784,685,5241],"class_list":["post-1305447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-pwc","tag-sebi","tag-yes-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI Accuses EY, PwC Employees Of Insider Trading During Yes Bank Deal In 2022 - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/sebi-accuses-ey-pwc-employees-of-insider-trading-during-yes-bank-deal-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI Accuses EY, PwC Employees Of Insider Trading During Yes Bank Deal In 2022 - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"India\u2019s capital markets watchdog, the Securities and Exchange Board of India (SEBI), has taken the rare step of accusing current and former executives from global consulting firms EY and PwC of breaching insider trading norms, according to a regulatory notice reviewed by Reuters. 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