Infosys slaps fine on independent director Bobby Parikh for inadvertent trade

Infosys, the country's second largest software exporter, has levied a fine of Rs 2 lakh on its independent director Bobby Parikh for an inadvertent trade by the portfolio management services of his spouse Bela Parikh.  

Bobby Parikh, a joint holder of that account, had bought 2,754 shares during the open trading window period without the knowledge of Bobby and without obtaining pre-clearance of trade, Infosys said in a regulatory filing on Friday.

"Parikh has confirmed that he was not in possession of any Unpublished Price Sensitive Information (UPSI)," the IT major said in a filing to the Bombay Stock Exchange.

Infosys further informed the exchange that the audit committee of the company has been notified of this matter.

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"Based on 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 (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations")," it said.

The audit committee has determined that there was a violation of the Company's Policy and PIT Regulations and has imposed a penalty of Rs 2 lakh on Parikh, which shall be remitted to Investor Protection Education Fund (IPEF) in line with the PIT regulations, it added.

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Infosys shares closed Friday's trade at Rs 953.50 apiece, up 0.24 per cent, against previous closing price of Rs 951.25 on the BSE.

By Chitranjan Kumar