Infosys shares looked under pressure on Wednesday. By noon, this stock had broken up to one percent. In fact, as soon as the market opened on Wednesday, the effect of SEBI’s action on Infosys employees on charges of insider trading was visible on the prices of shares. Two top executives of the company have been barred from trading in the stock market. SEBI has not taken any action on Infosys but the company’s shares were trading falling on Wednesday. At the time of writing the news, Infosys shares fell by Rs 14.05 to Rs 1,373.15 on Nifty and by Rs 14.40 on BSE Sensex. 1,373.00 at the rate of Rs. doing business.
Earn 3.06 crores by dealing in futures and options
Infosys Senior Principal Corporate Accounting Venkat Subramaniam and Senior Corporate Counsel Pranshu Bhutra and six other companies and individuals have been barred from trading in shares till further orders. Venkat Subramaniam and Pranshu Bhutra are accused of giving inside information to Amit Bhutra to Bharat C Jain, Capital One Partners, Tesora Capital, Manish C Jain and Ankush Bhutra. Due to this, these people had made illegal earnings of three crore rupees by dealing in futures and options. The deals being investigated are of July 2020. This time was just before and after the release of Infosys results.
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How was the illegal earning plan executed?
It has been said in the SEBI order that Venkat Subramaniam and Pranshu Bhutra were continuously talking to each other through phone and other means during the review. This led to the impression that Pranshu had confidential information affecting the price of shares. Pranshu must have got this information from Subramaniam. After this, Amit Bhutra traded in the futures and options segment on behalf of Tesora Capital through different brokerage firms. Tesora took long positions in 30,000 shares of Infosys from July 13 to July 14. These shares were taken at Rs 796.82 per share. Later all these shares were sold between July 15 and July 16. While the results of Infosys were declared on July 15, SEBI said that Amit Bhutra and Bharat C Jain, partners of Capital One, earned Rs 2.79 crore by doing wrongful business. Earned a total of Rs 3.06, which has been forfeited by SEBI as illegal earnings.