Sebi bars eight entities from security market for insider trading
The Securities and Exchange Board of India (Sebi) has barred eight entities, including two employees of Infosys, from the securities market for insider trading activities in the shares of the IT services firm.
Infosys on Tuesday said it would initiate a probe into the matter.
In an interim order passed by wholetime member Madhabi Puri Buch, the market regulator said illegal gains worth Rs 3.06 crore be impounded from two of the entities — Capital One Partners and Tesora Capital.
The entities have allegedly traded in the scrip of Infosys while in possession of unpublished price sensitive information (UPSI) pertaining to the firm’s financial results for the quarter ended June 30, 2020.
Capital One and its working partners — Amit Bhutra and Bharath C Jain — have been barred from the securities market.
Sebi has also barred Tesora Capital and its partners — Amit Bhutra, Ankush Bhutra and Manish Champalal Jain— from the markets.
Besides, Pranshu Bhutra, senior corporate counsel of Infosys, and Venkata Subramaniam V.V, senior principal, corporate accounting group of Infosys, have been barred.
According to the order, Amit Bhutra was connected with Pranshu Bhutra through frequent phone calls.
It has been noted that Subramaniam and Pranshu continue to be employed with Infosys and had access to ongoing UPSIs.
By virtue of being a designated person, Subramaniam was reasonably expected to have access to and be in possession of UPSIs.