SEBI lifts curbs on 16 entities in Infosys insider trading case
SEBI drops insider trading case against 16 in Infosys probe The Stock Exchanges Regulator SEBI on Monday lifted restrictions imposed on 16 entities, including some former employees of Infosys, in a case pertaining to alleged insider trading activities in IT major shares. The Regulator also directed that the prohibition slapped on six entities — Amit […] The post SEBI lifts curbs on 16 entities in Infosys insider trading case appeared first on PGurus.
SEBI drops insider trading case against 16 in Infosys probe
The Stock Exchanges Regulator SEBI on Monday lifted restrictions imposed on 16 entities, including some former employees of Infosys, in a case pertaining to alleged insider trading activities in IT major shares. The Regulator also directed that the prohibition slapped on six entities — Amit Bhutra, Bharath C Jain, Capital One Partners, Tesora Capital, Manish C Jain, and Ankush Bhutra — through the interim order, along with the confirmatory order, will stand vacated with immediate effect, bringing an end to the matter.
“I deem it fit to vacate the directions issued vide the interim order read with confirmatory order against noticees 2 to 7 and dispose of instant proceedings against all the noticees. “The interim order and the Confirmatory Order in respect of the noticees have already been quashed by the SAT vide its order dated April 25, 2022,” SEBI’s whole-time member Ashwani Bhatia said in the 57-page final order.
The case originated after the Regulator identified suspicious trading patterns around the financial results announcements of Infosys for four quarters, covering from December 2019 to September 2020. The preliminary investigation pointed to violations of the regulator’s insider trading norms by various entities. In its interim order in May 2021, SEBI imposed restrictions on several individuals and entities, including Pranshu Bhutra, Amit Bhutra, Bharath Jain, and other entities, prohibiting them from securities markets.
Pranshu Bhutra was senior corporate counsel of Infosys and Venkata Subramaniam VV was senior principal, corporate accounting group, Infosys, while Capital One and Tesora Capital were the two partnership entities. Thereafter, the Regulator issued a show cause notice to Bhutra alleged to have access to unpublished price-sensitive information (UPSI) because of his frequent interactions with Subramaniyam and Sunil Kumar Dareshwar.
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The post SEBI lifts curbs on 16 entities in Infosys insider trading case appeared first on PGurus.
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