Infosys on Friday said there had been an \u201cinadvertent trade\u201d by the portfolio management services of Bela Parikh, spouse of the company\u2019s independent director Bobby Parikh. <\/p>\n
Following this, a penalty of \u20b92 lakh has been imposed on Bobby Parikh, Infosys said in a regulatory filing. <\/p>\n
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 \u201cwithout the knowledge of Bobby Parikh and without obtaining pre-clearance of trade.\u201d <\/p>\n
Mr. Parikh is the joint holder of that account. \u201cMr Parikh has confirmed that he was not in possession of any Unpublished Price Sensitive Information (UPSI).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,\u201d it added. <\/p>\n
Based on Mr. Parikh\u2019s submission, the Audit Committee has concluded that this was an inadvertent trade made without intent to violate the company\u2019s insider trading policy or the SEBI\u2019s Prohibition of Insider Trading Regulations, 2015 (PIT Regulations), the filing said. <\/p>\n
\u201cHowever, the Audit Committee has determined that there was a violation of the company\u2019s Policy and PIT Regulations and has therefore imposed on Mr Parikh, a penalty of \u20b92,00,000 which amount shall be remitted to Investor Protection Education Fund (IPEF) in line with the PIT Regulations,\u201d it said.<\/p>\n<\/div>\n