Capital market regulator SEBI on Tuesday imposed a fine of Rs 1 lakh on a person for violating the code of conduct in a case involving shares of Infosys Limited.
The man, Pratik Saraogi, was an associate manager (business finance) at Infosys during the investigation.
SEBI conducted an investigation into the unpublished price sensitive information (UPSI) on Infosys scrips to ensure that market rules, including the ban on Insider Trading (PIT) regulations, were violated.
The investigation period was from December 2016 to January 2017.
It is learned that Infosys has announced the financial results for the quarter ended December 2016 to January 2017.
Saraogi was in possession of UPSI related to financial results and traded in scrips in violation of market rules during the UPSI period.
Saraogi, being a nominee for Infosys, made a profit by performing business when the company’s trading window closed.
By doing such a thing, he has violated the code of conduct for companies listed under PIT regulations.
Meanwhile, in another order, the regulator has fined Admina Traders Pvt Ltd Rs 10 lakh for manipulating the share price of Secunderabad Healthcare Limited (SHL).
The entity “carried out fraudulent trade and intended to manipulate the scrip value of SHL, and therefore, violated … PFUTP (prohibition of fraudulent and unfair trade practices)”, it said.
This comes after SEBI investigated SHL’s scrap trading activities for the period November 2011 to January 2015.