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Infosys case: Sebi levies Rs 1 lakh fine on individual for violating norms

Capital markets regulator Sebi on Tuesday imposed a fine of Rs 1 lakh on an individual for violating the model code of conduct in a case related to shares of Infosys Ltd.

SEBI | Infosys

Press Trust of India  |  New Delhi 

File photo: PTI
File photo: PTI

Capital regulator on Tuesday imposed a fine of Rs 1 lakh on an individual for violating the model code of conduct in a case related to shares of Ltd.

The individual, Prateek Sarawgi, was the Associate Manager (Business Finance) with during the investigation period.

had carried out an investigation in the matter of Unpublished Price Sensitive information (UPSI) in the scrip of to ascertain if market norms, including the Prohibition of Insider Trading (PIT) regulations, were violated.

The investigation period was December 2016 to January 2017.

It was observed that Infosys had announced financial results for the quarter ended December 2016 in January 2017.

Sarawgi was in possession of UPSI related to the financial results and traded in the scrip during the UPSI period, in violation of market norms.

Sarawgi, being a designated person of Infosys, made a profit by executing the trades when the trading window of the company was closed.

Through such an act, he violated the model code of conduct for listed companies under the PIT regulations.

Meanwhile, in another order, the regulator levied a fine of Rs 10 lakh on Adamina Traders Pvt Ltd for indulging in manipulation of the share price of Secunderabad Healthcare Ltd (SHL).

The entity "executed trades which were fraudulent and intended to manipulate the scrip price of SHL, and have therefore, violated... PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations", it said.

This comes after conducted investigation into the trading activities in the scrip of SHL for the period November 2011 to January 2015.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, May 10 2022. 21:32 IST