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.
According to Infosys in a regulatory report, a penalty of some 2 lakh was levied on Bobby Parikh.
In explaining the inadvertent trading by a designated individual, Infosys said Bela Parikh’s portfolio
management services had purchased 2,754 shares during the open trading window era “without Bobby Parikh ‘s knowledge and without pre-authorizing 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 Parikh has confirmed that he was not in possession of any unpublished price sensitive information. 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 200,000 which amount shall be remitted to Investor Protection Education Fund (IPEF) in line with the PIT regulations”, it said.
