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 SEBI 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.
“There is ample prima facie evidence which demonstrates that entities have been in violation of SEBI Act and Prohibition of Insider Trading ( PIT) Regulations. This has not only violated the integrity of the market but also prima facie resulted in undue benefit to them over general investors” the order said.
The alert system of the markets regulator had generated insider trading alerts for Infosys’ scrip around the corporate announcement about the strategic partnership of Infosys with Vanguard.
The information related to the deal was UPSI and the UPSI period was from 29 June, 2020 to 14 July, 2020.
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