The Securities and Exchange Board of India (SEBI) has directed Tata Motors to conduct an internal inquiry into the alleged leak of unpublished price sensitive information to outsiders and also strengthen its internal systems to ensure that such leaks do not happen in future.
The order is part of the larger regulatory probe over alleged leak of such information over WhatsApp. SEBI has already issued similar orders against Axis Bank and HDFC Bank.
“Tata Motors shall strengthen its processes/systems/controls forthwith to ensure that such instances of leakage of unpublished price sensitive information do not recur in future,” stated the order.
The regulator has also ordered Tata Motors to submit a report on the present systems and controls and also ways in which the present systems and controls have been strengthened.
“Tata Motors shall conduct an internal inquiry into the leakage of unpublished price sensitive information relating to its financial results and take appropriate action against those responsible for the same, in accordance with law,” it stated.
The listed company has been directed to complete and submit the inquiry within three months.
