Three senior Bank of America bankers in India have left amid an internal investigation by the US bank into possible wrongdoing in some equity market transactions, according to people familiar with the situation.

The bankers are co-head of India investment banking Debasish Purohit, head of global capital markets India Subhrajit Roy and Vikram Khaitan, a director in India investment banking.

BofA declined to comment.

Earlier this year, BofA hired outside law firms to examine whether its bankers held meetings with institutional investors ahead of share offerings and disclosed non-public information to them, people with knowledge of the matter said at the time.

Such meetings can be held provided they are disclosed within a stipulated period to the bank's management and no non-public information is revealed to the investors.

Among the transactions that are being investigated are Aditya Birla Capital and Sun Life India AMC Investments' Rs15bn (US$180m) share sale in Aditya Birla Sun Life Asset Management in March, the people said. Besides BofA, IIFL Securities, Jefferies and Spark Institutional Equities were the other bookrunners on the transaction.

Source: IFR