Markets regulator SEBI on Friday (December 22) launched a massive crackdown on dealers and analysts at stock-broking firms, seizing laptops and mobile phones in searches conducted at multiple locations. The operation was targeted at a specific group that circulated financial numbers of companies through WhatsApp messages ahead of the official declaration of the last quarter’s results, two sources close to the development told BusinessLine.

Media reports had highlighted last month that a few market analysts had leaked company results and circulated it on WhatsApp. During its investigations, the Securities and Exchange Board of India found that the results of a dozen-odd companies were leaked ahead of their official announcement. SEBI conducted search-and-seizure operations against 35 people, confiscating their official and personal laptops and mobile phones. Raids were carried out in Mumbai, Delhi and Bengaluru, the sources said. Nearly 100 officials from SEBI and the police department were deployed for the raids.

It is only the second time that SEBI has used its powers to conduct a search-and-seizure operation. Earlier, SEBI had conducted raids on Dabba or bucket traders a couple of years ago.