WhatsApp leak case: HDFC Bank says committed to highest standards of corp governance

HDFC Bank today said it is committed to the highest standards of corporate governance, days after the lender was asked by Sebi to strengthen its systems to prevent leakage of confidential financial data.
Last week, the regulator had directed the bank to identify individuals, including bank officials responsible for leakage of its financial results after it found inadequate controls at the lender as 'prima facie' reason for the leak.
In a filing to the BSE today, the bank said Sebi has directed it to strengthen its processes to ensure that instances of leakage of UPSI (Unpublished Price Sensitive Information) do not recur in future.

HDFC Bank also noted that the regulator has directed it to conduct an internal inquiry into the leakage of UPSI relating to its financial figures.
"The bank has and will continue to work closely with Sebi in this regard. The bank reiterates its commitment to the highest standards of corporate governance and the integrity of its systems, controls and processes, including with regard to prevention of unauthorised access to UPSI," the filing said.
Since late last year, Sebi has been probing the high-profile leakage case where sensitive financial details of various companies, including HDFC Bank, got leaked on WhatsApp before their formal announcement.

In its filing, HDFC Bank said Sebi had asked it to conduct a detailed examination of the matter and submit a report containing the chronology of events leading up to the formal announcement of the financial results for the quarter ended June 30, 2017 and the persons involved in the process.
"Accordingly, the bank had submitted a detailed examination report to Sebi," the filing said.