1. New Infosys Director Bobby Parikh Fined for Stock Market Trade

    New Infosys Director Bobby Parikh Fined for Stock Market Trade

    Infosys said in the filing that the portfolio management services of Bela Parikh, spouse of Bobby Parikh, an Independent Director of the Company, had bought 2,754 shares during the open trading window period without the knowledge of Bobby Parikh and without obtaining pre-clearance of trade...

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    1. Bobby Parikh is the joint holder of that account. Mr Parikh has confirmed that he was not in possession of any Unpublished Price Sensitive Information (UPSI)
    2. Based on Mr 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).
    3. 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 2,00,000 which amount shall be remitted to Investor Protection Education Fund (IPEF) in line with the PIT Regulations.
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