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Infosys fines independent director for ‘inadvertent trade’ by spouse’s portfolio manager

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Infosys on Friday stated there had been an “inadvertent trade” by the portfolio administration companies of Bela Parikh, partner of the corporate’s independent director Bobby Parikh.

Following this, a penalty of ₹2 lakh has been imposed on Bobby Parikh, Infosys stated in a regulatory submitting.

Detailing out the inadvertent commerce by a delegated particular person, Infosys stated the portfolio administration companies of Bela Parikh had purchased 2,754 shares through the open buying and selling window interval “without the knowledge of Bobby Parikh and without obtaining pre-clearance of trade.”

Mr. Parikh is the joint holder of that account. “Mr Parikh has confirmed that he was not in possession of any Unpublished Price Sensitive Information (UPSI). The Audit Committee of the company was notified of this matter,” it added.

Based on Mr. Parikh’s submission, the Audit Committee has concluded that this was an inadvertent commerce made with out intent to violate the corporate’s insider buying and selling coverage or the SEBI’s Prohibition of Insider Trading Regulations, 2015 (PIT Regulations), the submitting stated.

“However, the Audit Committee has determined that there was a violation of the company’s Policy and PIT Regulations and has therefore imposed on Mr Parikh, a penalty of ₹2,00,000 which amount shall be remitted to Investor Protection Education Fund (IPEF) in line with the PIT Regulations,” it stated.

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