This is the second time since 2022 that the Securities and Exchange Board of India has sought such powers, with approval from the government still pending.
In its latest letter sent last week, SEBI said companies such as Meta Platforms’ WhatsApp have denied the regulator access to its social media group chats as the current information technology law does not identify the capital markets watchdog as an ‘authorised agency.’
It also sought powers to access calls or message data records communicated through digital or social media platforms.
“SEBI finds itself limited while investigating serious market violations due to the absence of power to access equivalent of call data records,“ according to the letter sent on February 3.
SEBI, the finance ministry and Meta Platforms did not respond to emails seeking comment.
“Telegram is fully cooperating with the concerned authorities to process their requests around content moderation or blocking groups or channels, after performing the necessary legal checks, as per the guidelines of the IT Act 2000,“ it said.
The revised statement removed reference made in a previous statement issued on Thursday that said “Telegram has not denied access to SEBI”, without elaborating.
WhatsApp groups and Telegram channels have become popular among market participants, with financial influencers sharing trading tips on specific stocks and other securities in return for money.
In August 2022, SEBI Chairperson Madhabi Puri Buch made a similar request, asking the government for more powers to access the exchange of information among alleged suspects involved in offences such as insider trading through digital resources.
The government is examining SEBI’s new request, but the official said that such powers are typically only granted for serious crimes, and any decision to grant these powers would require a broader policy decision for all regulators.
Developed countries such as those in Europe and the U.S. do not grant direct authority to their securities regulators to remove social media posts. However, they have the capacity to penalise individuals engaged in illegal activities, such as fraud and misleading advertising.
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