BofA Securities India settles alleged violations related to insider trading and merchant banking regulations with India’s markets regulator, the Securities and Exchange Board of India (SEBI), after paying ₹58.5 lakh (about $61,903), according to reports. SEBI says a show-cause notice alleged that the firm failed to maintain the structured digital database required under insider trading regulations. In its settlement order, SEBI states that BofA Securities India agreed to resolve the proceedings without admitting or denying the alleged violations. The firm did not comment on the settlement order or the allegations, Reuters reported earlier, citing a regulatory notice. That notice, linked to SEBI’s investigation into BofA Securities India’s role in managing a share sale in March 2024 for Aditya Birla Sun Life Asset Management, alleged breaches of insider trading rules and internal “Chinese wall” norms. SEBI’s notice alleged that deal-team personnel, while allegedly in possession of unpublished price-sensitive information, contacted potential investors directly or indirectly. The regulator also alleged BofA suppressed material facts and made false statements during the investigation, which was reportedly triggered by a 2024 whistleblower complaint.