(ET)
The Reserve Bank of India (RBI) has declined to pass on information about non-performing assets (NPAs) and loan defaulters that the Securities and Exchange Board of India (Sebi) has asked for in the past year, according to two people with knowledge of the development.
The banking regulator’s reluctance to do so stems from the prospect of the data leaking as it becomes known to a wider set of people, hurting the business prospects of the companies involved, they said. Sebi has sent at least two official requests to RBI seeking such details as evidence for ongoing investigations in the past year. These include a disclosure lapse by a highly indebted company, a corporate governance violation at a leading private bank and a frontrunning case in another private bank.
