Infosys fines independent director Bobby Parikh for inadvertent trade

Infosys has imposed a penalty of Rs 2 lakh on its independent director Bobby Parikh for an inadvertent trade by the portfolio management services of his spouse Bela Parikh.

Bela -- a joint holder of the account -- had bought 2,754 shares during the open trading window period without the knowledge of Bobby and without obtaining pre-clearance of trade, the IT major said in regulatory filings at stock exchanges late on Friday.

"Mr Parikh has confirmed that he was not in possession of any unpublished price sensitive information.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," it added.

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 said.

"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," it said.