Infosys fines Kiran Mazumdar-Shaw for breach of insider trading norms

The country’s second-largest information technology (IT) services company, Infosys, has imposed a penalty of Rs 9.5 lakh on its lead independent director, Kiran Mazumdar-Shaw, for inadvertently selling 1,600 shares of the company during open trading window period without prior permission to execute such a trade.

In a filing to the exchanges, the IT firm said even though the trade was carried out by the portfolio manager without the knowledge of Mazumdar-Shaw, there was violation of the company’s Insider Trading Policy and the Sebi (Prohibition of Insider Trading) Regulations, 2015.