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Infosys insider trading case: SEBI confirms directions passed against 6 entities

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Markets regulator Sebi on Wednesday confirmed its directions passed earlier against certain entities to bar them from the capital markets for allegedly indulging in insider trading in Infosys Ltd's shares.

Infosys insider trading case: SEBI confirms directions passed against 6 entities
Markets regulator Sebi on Wednesday confirmed its directions passed earlier against certain entities to bar them from the capital markets for allegedly indulging in insider trading in Infosys Limited's shares.
Sebi has also tweaked its interim order passed in May 2021, to the extent of allowing credit and debit of securities in the accounts of the entities.
"In the light of the fact that the procurement and communication of UPSI have not been completely ruled out at this stage, complete lifting of all the restrictions on Entities no. 1 to 5 and 8 would not be appropriate and this is a call which will be apt for a stage subsequent to completion of a thorough investigation into the matter," Sebi said.
Entities refer to Pranshu Bhutra, Amit Bhutra, Bharath C. Jain, Capital One Partners, Tesora Capital and Venkata Subramaniam V. V. Pranshu Bhutra is the senior corporate counsel of Infosys and Venkata Subramaniam V V is senior principal, corporate accounting group of Infosys.
Sebi had conducted an examination in respect of trading activities of two partnership firms -- Capital One and Tesora Capital. They prima facie traded in the scrip of Infosys in the F&O (Futures & Options) segment just prior to the announcement of financial results for the quarter ended June 30, 2020. The information related to the financial results was unpublished price sensitive information (UPSI) and the period between June 29, 2020, to July 15, 2020, was UPSI period.
In June, Sebi had banned eight entities from buying, selling, or dealing in securities after they were held guilty of insider trading on Infosys stock. The watchdog had also directed impounding illegal gains worth Rs 3.06 crore from two of them -- Capital One Partners and Tesora Capital.
-With inputs from PTI
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