Market regulator Securities and Exchanges Board of India (Sebi) on Tuesday banned Infosys’s 2 senior employees along with six other related entities from accessing capital markets until further orders for insider trading.
Not only, banned but also imposed fine on them of Rs 3.06 crore
Names
These eight entities and individuals are – Pranshu Bhutra, Amit Bhutra, Bharat C Jain, Manish Champalal, Ankush Bhutra, Amit Bhutra, Capital One and Tesora.
Amit and Bharath are working partners of Capital One while Amit, Ankush Bhutra and Manish Champalal Jain are working partners of Tesora.
Statment from SEBI
“Capital One and Tesora had traded in the scrip of Infosys in the F&O segment just prior to announcement of financial results for the quarter ended June 30, 2020 and soon after the announcement, offloaded / squared off their positions such that net positions were zero. Amit and Bharath, both had placed orders / given trading instructions on behalf of Capital One. Amit had placed orders / given trading instructions on behalf of Tesora.
Thus, Capital One and Tesora had traded in the scrip of Infosys in F&O segment while in possession of UPSI.”
Comment from Infosys
After an hour of order by market regulator, Infosys said it has ordered an internal investigation on two of its employees named in an insider trading case.
It said that appropriate action will be taken once it completes the probe.
It further said that the company has a well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information.
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