Infosys CEO settles insider trading charges with SEBI
Infosys, India's second-largest IT services export company, reached a settlement with SEBI regarding the charges, Reuters reported on June 27.
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Infosys' CEO Salil Parekh has settled charges of violating provisions of insider trading, according to the country's markets regulator.
On Thursday, the Securities and Exchange Board of India (SEBI) announced that Parekh agreed to pay 2.5 million rupees (around $30,000) for failing to have adequate controls to prevent insider trading.
Infosys, India's second-largest IT services export company, reached a settlement with SEBI regarding the charges, Reuters reported on June 27.
The exchange rate used for the dollar conversion is $1 = 83.5070 Indian rupees. Infosys' share price was up by 1.43 percent at 12:30 pm today, trading at 1562.75 on the NSE, compared to the previous close of 1540.40.
In 2021, SEBI banned several Infosys officials for alleged insider trading—leaking financial information before public disclosure. Infosys conducted its own internal investigation into the matter.
SEBI found violations during the Vanguard partnership announcement. SAT lifted SEBI's ban in May 2022.
