Infosys Insider Trading: SEBI has taken strict action against two employees of Infosys and Wipro in the case of insider trading in IT giant Infosys. According to the order of SEBI, one employee each of Infosys and Wipro has been banned from trading in the stock exchange. According to the order issued on September 27, insider trading was done on Ramit Chaudhary and Keyur Maniyer in the Vanguard deal of Infosys in July 2020.
In its investigation, SEBI found that Ramit Choudhary, head of solution design at Infosys and Keyur Maniyar of Wipro, had made a profit of Rs 2.61 crore from insider trading. Choudhary and Maniyar conducted insider trading in Infosys shares and made a profit of Rs 2.6 crore from the sale of shares after Infosys announced strategic partnership with Vanguard in July 2020 last year. Infosys shares had gained 20 per cent between July 10 and July 31 last year.
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this is the whole matter
- Ramit Choudhary was directly and indirectly associated with the Infosys and Vanguard deal and had sensitive information related to the deal, which was not public.
- SEBI in its investigation found that Chaudhary and Maniyar were in touch with each other. The two had earlier worked together in Wipro BPS between March 2012 and December 2014.
- Maniyar got sensitive information about the deal from Choudhary.
- After this, Maniyar bought Infosys shares in the F&O segment before the announcement of the deal.
- After the announcement of the deal, Maniyar squared off his position.
- Through this trading, Maniyar made Rs 2.61 crore in just a few days.
SEBI took this action
Based on its investigation, the market regulator has banned Ramit Choudhary and Keyur Maniyar from trading in shares till further orders. Apart from this, SEBI will confiscate an amount of Rs 2.6 crore from the bank account of both and will keep this amount in the escrow account. Apart from this, according to the decision, for withdrawal of any kind of amount from the bank account of Ramit Choudhary and Keyur Maniyar, permission will have to be taken from the market regulator SEBI first.
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