BANGALORE, India, January 13, 2017 /PRNewswire/ --
TO ALL STOCK EXCHANGES
NATIONAL STOCK EXCHANGE OF INDIA LIMITED
NEW YORK STOCK EXCHANGE
January 13, 2017
Please find below the disclosure titled "Inadvertent Trading during Trading Window Closure"
This is for your information and records
For Infosys Limited,
A. G.S Manikantha
Infosys Limited ("Infosys" or "the Company") today notified the stock exchanges of the occurrence of an inadvertent trade by a designated person of Infosys Limited during trading window closure.
On January 9, 2017, it was brought to the attention of the Compliance Officer of Infosys Limited that Mr. Ravi Venkatesan, Independent Director of the Company, had inadvertently, through his Portfolio Management Services account, bought 50 shares of Infosys Limited. The trade occurred when the trading window was closed.
The purchase of the shares was carried out by a fund manager for all his clients. In portfolio management services, the investor does not generally monitor the day-to-day investment decisions. In this case as well, Mr. Venkatesan had made no instruction to carry out the trade and he was unaware of the trade having occurred. Subsequently, Mr. Venkatesan has sold the shares and has not made any profit out of the sale. Mr. Venkatesan has instructed his fund managers not to invest in Infosys shares in the future.
The audit committee of the Company's Board of Directors, which is responsible for review of compliance with the Insider Trading Policy of the Company was notified of this matter. Based on Mr. Venkatesan's submission, the Audit Committee believes, that this was an inadvertent trade made without intent to violate the Infosys Insider Trading Policy or the SEBI (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations"). However, the Audit Committee has determined that there was a violation of the Infosys Insider Trading Policy and the PIT Regulations and therefore imposed on Mr. Venkatesan, a penalty of Rs. 100,000 to be made to a charitable organization of his choice. In accordance with the PIT Regulations and the Infosys Insider Trading Policy, Infosys will also be notifying the SEBI of this event.
This is a disclosure announcement from PR Newswire.
SOURCE Infosys Limited