WhatsApp chats extracted from the seized devices were examined further and while examining the chats, it was found that earnings data and other financial information of around 12 companies were leaked in WhatsApp messages. Bajaj Auto was one of the firms whose quarterly financial results for the fourth quarter of 2016-17 closely matched with the messages circulated in WhatsApp chats. Accordingly, the regulator carried out an investigation in the matter of circulation of UPSI through WhatsApp messages with respect to Bajaj Auto to ascertain any possible violation of the PIT (Prohibition of Insider Trading) Regulations during the period April 1, 2017 and May 18, 2017.