TIL Desk/Business/Mumbai/ The country’s second-largest information technology (IT) services company, Infosys, has imposed a penalty of Rs 950,000 on its lead independent director, Kiran Mazumdar-Shaw, for inadvertently selling 1,600 shares of the company during open trading window period without prior permission to execute such a trade.
In a filing to the exchanges, the IT firm said even though the trade was carried out by the portfolio manager without the knowledge of Mazumdar-Shaw, there was violation of the company’s Insider Trading Policy and the Sebi (Prohibition of Insider Trading) Regulations, 2015.“The trade was carried out by the portfolio manager without the knowledge of Mazumdar-Shaw.
“In this case, she had given no instruction to conduct the trade and she also had no knowledge of the trade having occurred. “The portfolio manager unilaterally took the decision to conduct the trade,” the company said in a filing. According to the company, the matter was brought to the notice of Infosys’ compliance officer on February 13, following which it was examined by its audit committee with submission from Mazumdar-Shaw.
