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SEBI on Wednesday confirmed its directions passed earlier against certain entities to bar them from the capital markets for allegedly indulging in insider trading in Infosys shares.
It has also tweaked the interim order passed in May 2021, to the extent of allowing credit and debit of securities in the accounts of the entities. A thorough investigation in this matter is pending, the regulator said.
Entities refer to Pranshu Bhutra, Amit Bhutra, Bharath C. Jain, Capital One Partners, Tesora Capital and Venkata Subramaniam VV.
Pranshu Bhutra is senior corporate counsel of Infosys and Venkata Subramaniam VV is senior principal, corporate accounting group of Infosys.
SEBI had found that Capital One and Tesora Capital had traded in the F&O of Infosys just prior to the announcement of June 2020 quarter results, based on alleged insider information from Venkata Subramaniam and Pranshu Bhutra.
By virtue of being a designated person,Venkata was reasonably expected to have an access to and be in possession of the UPSI.
Amit Bhutra and Bharath C. Jain are working partners of Capital One and Amit is also working partner of Tesora.
This prima-facie observation coupled with series of phone calls from Pranshu to Venkata and thereafter from Pranshu to his cousin Amit, prior to the trades executed by Capital One and Tesora, were bound to give rise to a bonafide suspicion of insider trading.
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