IT major firm - Infosys has imposed a big penalty of Rs 2 lakh on its independent director Bobby Parikh. The penalty is for an inadvertent trade by the portfolio management services of his spouse Bela Parikh.
Highlighting about Bela, she is a joint holder of the account.
As per the IT major in its regulatory filings at stock exchanges late on Friday, the company said that Bela without the knowledge of Bobby and without obtaining pre-clearance of trade had bought 2,754 shares during the open trading window period.
"Mr Parikh has confirmed that he was not in possession of any unpublished price sensitive information.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. 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 read.
"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," the filing added.
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