Latest News | Sebi Levies Rs 12 Lakh Fine on Individual for Insider Trading in Infosys Scrip

New Delhi, Aug 9 (PTI) Markets regulator Sebi on Monday imposed a total fine of Rs 12 lakh on an individual for indulging in insider trading in the shares of Infosys Ltd.

The individual, Prateek Sarawgi, was the associate manager (business finance) with Infosys during the investigation period.

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Sebi had conducted an investigation in the scrip of the firm to ascertain if market norms, including the Prohibition of Insider Trading (PIT) Regulations, were violated.

It was observed that Infosys had announced financial results for the quarter ended December 31, 2016, on January 13, 2017.

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Prateek was in possession of unpublished price sensitive information (UPSI) related to results of Infosys and traded in the scrip during the UPSI period, in violation of market norms.

Besides, Prateek, being a designated person of Infosys, by trading in the scrip of Infosys when the trading window was closed also violated model code of conduct for listed companies under the PIT Regulations.

Thus, Sebi has imposed a total fine of Rs 12 lakh.

In another order, Sebi levied a fine of Rs 2 lakh on an individual for disclosure lapses pertaining to transactions in Aviva Industries Ltd's shares.

The investigation was conducted between January 2014 and August 2015.

The probe found that Dineshkumar Ravishankar Raval's transactions in the scrip which triggered disclosure requirements.

However, Raval failed to make the requisite disclosures.

It is obligatory on the part of the person to make timely disclosures to stock exchange and to the company within the prescribed time limit.

"Thus, this is the case of complete failure on the part of the Noticee in making the requisite disclosures consequent upon change in his shareholding," Sebi said. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)