Advertisement

Business

Updated on: Wednesday, June 02, 2021, 09:20 AM IST

SEBI bars 8 entities and individuals for insider trading in Infosys shares

SEBI | PTI

SEBI | PTI

Advertisement

The capital market regulator Securities and Exchange Board of India (Sebi) barred eight entities from buying, selling, or dealing in securities. This order was passed after these entities were found guilty for indulging in insider trading on Infosys stock.

According to a news report by CNBCTV18, Rs 3.06 crore of illegal gains has been impounded. These eight entities and individuals are: Pranshu Bhutra, Amit Bhutra, Bharat C Jain, Manish Champalal, Ankush Bhutra, Venkata Subramanian, Capital One and Tesora.

Pranshu Bhutra, Amit Bhutra, Bharat C Jain and Venkata Subramanian were the insiders as per the order. In the case of Capital One and Tesora, the few of the individuals are working partners.

It was found that Capital One and Tesora have been trading the scrip during the period close to the financial results.

"Capital One and Tesora had traded in the scrip of Infosys in the F&O segment just prior to the announcement of financial results for the quarter ended June 30, 2020, and soon after the announcement, offloaded/squared off their positions such that net positions were zero. Amit and Bharath, both had placed orders/given trading instructions on behalf of Capital One. Amit had placed orders/given trading instructions on behalf of Tesora. Thus, Capital One and Tesora had traded in the scrip of Infosys in the F&O segment while in possession of UPSI," SEBI stated.

The order stated that Capital One and Tesora had significant trading activity in the scrip of Infosys only during the weeks adjacent/close to the dates of corporate announcement of financial results for the quarters ended December – 2019, March – 2020, June – 2020 and September 2020.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Wednesday, June 02, 2021, 09:21 AM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement