Bank of America's three India bankers leave amid probe on stock offerings
Bank of America Corp. in India have left the company amid an internal investigation on allegations of wrongdoing involving stock offerings, according to people familiar with the matter.
The bankers involved are Debasish Purohit, co-head of investment banking at BofA’s India operation; Subhrajit Roy, country head of global capital markets; and Vikram Khaitan, a director in investment banking in India, the people said, asking not to be named because they’re not authorized to speak with media. BofA is still reviewing possible replacements, the people added.
The US lender did not respond to a request seeking comment.
Among the transactions being probed are Aditya Birla Capital and Sun Life India AMC Investments’ 15-billion rupee ($178 million) share sale in Aditya Birla Sun Life Asset Management in March, IFR reported, citing unidentified people.
Indian regulators contacted BofA about the matter in September and have been looking into it, the Financial Times reported separately, without saying where it got the information.
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