Infosys settles insider trading charges with SEBI, to pay ₹25 lakh fine

livemint.com:

Salil Parekh, CEO of India's second biggest IT services export company, has agreed to pay a fine of ₹25 lakh (close to $30,000) to the markets regulator for failing to have adequate controls to prevent insider trading, it added.The case pertains to entities and individuals including Pranshu Bhutra, Amit Bhutra, Bharath C. Jain, Capital One Partners, Tesora Capital, and Venkata Subramaniam V.

V. Pranshu Bhutra is senior corporate counsel of Infosys and Venkata Subramaniam V.

V. is senior principal, corporate accounting group, Infosys.Capital One and Tesora Capital, two partnership entities, were investigated by Sebi for their trading activity.SEBI in 2021 banned Infosys's senior corporate counsel Pranshu Bhutra and Venkata Subramaniam VV Senior Principal, Corporate Accounting Group along with six other related entities from accessing capital markets until further orders for insider trading.In a statement, Infosys said it would initiate an internal investigation into the insider trading matter.A SEBI order by whole-time director Madhabi Puri Buch said that the aforesaid Infosys officials were found to have leaked unpublished price sensitive information (UPSI) to the company’s audited financial results for the quarter ended June 30, 2020, which resulted in ill-gotten gains for those involved.“There is ample prima facie evidence which demonstrates that entities have been in violation of SEBI Act and Prohibition of Insider Trading ( PIT) Regulations.