Sharing Financial Figues on WhatsApp comes under the purview of Unpublished Price Sensitive Information

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Last updated: 13 November 2020
Quick Summary
The Securities and Exchange Board of India (SEBI) found that sharing Wipro's financial figures on WhatsApp before their official release constituted a breach of regulations. Govind Agarwal, a research analyst, shared these figures with a colleague via WhatsApp. The leaked information was very close to the actual results, leading SEBI to classify it as Unpublished Price Sensitive Information (UPSI). This action violated SEBI's rules against insider trading.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) observed from a newspaper article that unpublished financial results of some major companies were posted on private WhatsApp group prior to their announcement by the companies. Wipro Ltd. (hereinafter referred to as ‘Wipro’) was one of the companies about which the information was leaked on the WhatsApp group. In this respect, SEBI conducted an investigation, wherein it was observed that:

Citation :
[SETTLEMENT ORDER NO. SO/BD/AA/2020-21/6250]

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1999
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3499
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4999
(Excl. of GST ₹899)

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