Market regulator Sebi has banned an Infosys employee and one Wipro employee from trading in stock exchanges for insider trading in Infosys. The Securities and Exchanges Board of India (Sebi) has named two employees, Ramit Chaudhri and Keyur Maniar, for indulging in this illegal practice during the corporate announcement of Infosys’ Vanguard Deal in July 2020.
Sebi has also directed impounding of illegal proceeds of Rs 2.62 crore. “Preventive directions against them are essential to stall the impending danger to investors that in future Ramit and Keyur through their personal, social and corporate network might procure/communicate/misutilise UPSI pertaining to various companies including but not limited to Infosys and Wipro; and might continue to engage in similar modus operandi by playing varying roles in various other companies,” Sebi said in a order earlier this week.
Sebi said that Chaudhri, solution design head of Infosys, was directly/indirectly associated with the Infosys-Vanguard deal. Being an employee of Infosys, he is termed as a connected person and was reasonably expected to have access to the UPSI (Unpublished price sensitive information). Maniar, who was recently working as Senior VP and Country Head (MD) with Wipro, is connected to Chaudhri.