India’s 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 involved in high-profile transactions. Allegations in the Yes Bank Transaction The insider trading accusations arise from SEBI’s investigation into the July 2022 equity transaction involving Yes Bank, in which U.S. private-equity firms Carlyle Group and Advent International acquired a combined 10 percent stake for about $1.1 billion. SEBI’s regulatory notice — issued in November 2025 but only recently reported — alleges that unpublished price-sensitive information related to the deal was shared among executives at Carlyle, Advent, EY and PwC, and that some individuals used this privileged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. According to the notice, 19 individuals are implicated, including two executives from PwC and EY along with five family members and friends who allegedly made unlawful gains by trading ahead of the share offering. In addition, SEBI has accused some of the executives of facilitating the improper sharing of… Read MoreBusiness Archives – Trak.in – Indian Business of Tech, Mobile & Startups
