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Mumbai3 minutes ago
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SEBI said that the shares bought and sold by both Tesora and Capital One in the futures and options segment of Infosys were based on sensitive information related to the price of the shares.
- Infosys shares purchased shortly before June quarter 2020 financial results
- After the financial results, all the shares were sold immediately.
Its employees have done insider trading in the shares of Infosys, the country’s leading information and technology (IT) company. This trading was done last year. In this case, the regulator SEBI has convicted Prabhu Bhutra, Senior Corporate Council of Infosys, V Subramanian of Senior Principal Corporate Accounting Group. In this, 8 people along with 2 executives of Infosys have been banned from trading in the market.
Was investigated last year
SEBI said that it had conducted investigations in Infosys shares last year. During this investigation, it was found that its employees were trading insider in it. Insider trading refers to buying and selling of shares of a company based on insider and confidential information. In this investigation, SEBI has also found guilty of Capital One Partners Bharat Jain and another person Amit Butra.
Capital One and Tesora Capital did business
According to SEBI, Capital One and Tesora Capital had traded in shares of Infosys. This business was done by these people sometime before the financial results of June quarter 2020. After this, when the results of the company were released, these people sold the shares. SEBI said that both Amit Butra and Bharat Jain had placed orders to buy shares under Capital One. Amit had also placed the order under Tesora.
Trading based on sensitive information
SEBI said that both Tesora and Capital One had bought and sold shares in Infosys’ Future and Options segment based on sensitive information related to share prices. SEBI expects that Venkat Subramanian, who is an Infosys official, may have leaked the price information. SEBI has received information that Venkat was in constant contact with Bhutra. They were in touch via telephone.
Confidential information passed
According to the information, Venkat passed the confidential information to Pranshu and Amit and Bharat Jain. Based on this, these people sold shares. SEBI has attached the bank accounts of Amit Bhutra and Bharat Jain, partners of Capital One. SEBI has also ordered that those who have earned whatever they earn through it, should open a separate bank account and deposit it in it. This account should be opened in a government bank.