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Infosys on Thursday informed the bourses of the occurrence of an inadvertent trade by Kiran Mazumdar-Shaw, Lead Independent Director of the company, during open trading window period.
On February 13, it was brought to the attention of the Compliance Officer of Infosys that Kiran Mazumdar-Shaw had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys without obtaining prior clearance. “The trade was carried out by the portfolio manager without the knowledge of Ms Mazumdar-Shaw,” Infosys said. The Audit Committee (AC), based on Mazumdar-Shaw’s submission, believes, that was an inadvertent trade made without intent to violate the insider-trading norms of Infosys and SEBI. However, the AC imposed a penalty of ₹9.5 lakh on Mazumdar-Shaw and said the amount should be paid to a charitable organisation of her choice.
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