Infosys Settles Insider Trading Charges With Markets Regulator, To Pay…

Bengaluru: Infosys CEO Salil Parekh settled charges for failing to place adequate internal controls to prevent insider trading at India’s No.2 IT services exporter during a 2020 contract, the country’s markets regulator said on Thursday. Mr Parekh agreed to pay 2.5 million rupees (around $30,000) to settle the markets regulator’s charge, which related to a contract for Infosys to provide U.S. financial firm Vanguard with a cloud-based record-keeping platform. Infosys publicly disclosed the deal in 2020, but the Securities and Exchange Board of India said “certain information which was unpublished price sensitive information (UPSI) had not been considered as such by Infosys”.