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Wednesday, June 16, 2021

Insider trading: Sebi bars 2 Infosys ex-staff; co to initiate probe

Infosys said it has a well-defined code of conduct covering all its employees and an insider trading policy that governs dealing with unpublished price sensitive information.

By: ENS Economic Bureau | Mumbai |
June 2, 2021 3:05:42 am
Sebi said in its order Pranshu Bhutra had procured unpublished price sensitive information (UPSI) from Venkata and was constantly in communication with Amit Bhutra of Capital One.

The Securities and Exchange Board of India (Sebi) has restrained two Infosys employees and six other entities from trading in the stock market for insider trading in the company’s scrip during the quarter ended June 30, 2020.

The market regulator in an interim order said it found that two Infosys employees — Venkata Subramaniam, senior principal, corporate accounting and Pranshu Bhutra, company’s senior corporate counsel along with partners of Capital One and Tesora Capital — allegedly indulged in insider trading. Sebi said illegal gains of Rs 3.06 crore has been impounded from Capital One, Tesora and their owners.

“The company will extend full cooperation as required to Sebi on the matter. Additionally as a result of the order, an internal investigation is being initiated and appropriate action will be taken on conclusion of such investigation,” said Infosys in a statement.

Infosys said it has a well-defined code of conduct covering all its employees and an insider trading policy that governs dealing with unpublished price sensitive information.

Sebi said in its order Pranshu Bhutra had procured unpublished price sensitive information (UPSI) from Venkata and was constantly in communication with Amit Bhutra of Capital One.

According to Sebi, Capital One and Tesora had traded in Infosys in the F&O segment just prior to announcement of financial results for the quarter ended June 30, 2020 and, subsequently, squared off their positions such that their net positions were zero. Sebi said both Venkata and Pranshu had prima facie violated the provision of Sebi Act and PIT Regulations.

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