Infosys says US market regulator probing ‘unethical practices’ complaint

Infosys Ltd on Thursday said the US Securities and Exchange Commission (SEC) has launched a probe into whistleblower claims that the Indian software services firm used ‘unethical practices’ to boost revenue and profit.

The company said India’s market regulator, the Securities and Exchange Board of India, has also asked it to submit information concerning the complaints.

Infosys, India’s second-biggest IT services firm by revenue after Tata Consultancy Services Ltd, on Tuesday said it was investigating claims including that Chief Executive Officer Salil Parekh bypassed reviews and approvals for large deals fearing the negative impact of reduced profit on Infosys’ share price.