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Infosys Fines Independent Director for ‘Inadvertent Trade’ by Spouse’s Portfolio Manager

Infosys on Friday said there had been an “inadvertent trade” by the portfolio management services of Bela Parikh, spouse of the company’s independent director Bobby Parikh.

Following this, a penalty of Rs 2 lakh has been imposed on Bobby Parikh, Infosys said in a regulatory filing.

Detailing out the inadvertent trade by a designated person, Infosys said the portfolio management services of Bela Parikh had bought 2,754 shares during the open trading window period “without the knowledge of Bobby Parikh and without obtaining pre-clearance of trade”.

Bobby 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“Mr Parikh has confirmed that he was not in possession of any Unpublished Price Sensitive Information (UPSI).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 Bobby Parikh’s submission, the Audit Committee has concluded that this was an inadvertent trade made without intent to violate the company’s insider trading policy or the Sebi’s Prohibition of Insider Trading Regulations, 2015 (PIT Regulations), the filing said.

“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 Rs 2,00,000 which amount shall be remitted to Investor Protection Education Fund (IPEF) in line with the PIT Regulations,” it said.

Source: News18