Infosys, the Bengaluru based information technology (IT) services firm, said on Tuesday that it would initiate an internal investigation after markets regulator Securities and Exchange Board of India (SEBI) barred two of its employees from trading in the public markets on charges of insider trading.
In a statement to the Bombay Stock Exchange, the company said, “On June 1st, Infosys was informed of an interim ex-parte SEBI Order where two of its employees, amongst other third parties have been named, in an ongoing insider trading investigation. Infosys has a well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information. 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.”
The concerned Infosys employees are Pranshu Bhutra, senior corporate counsel, and Venkata Subramaniam, senior principal, corporate accounting group, according to a PTI report.
Bhutra and Subramaniam are among eight entities who have been banned by SEBI for insider trading, the report said.
The eight entities had traded in the scrip of Infosys while in possession of Unpublished Price Sensitive Information (UPSI) related to the company’s financial results for the quarter ended June 30, 2020, the report said citing a SEBI interim order passed on Monday.
To be updated.