Infosys CEO Parekh settles insider trading charges

Salil Parekh, CEO of IT major Infosys, has settled a matter related to alleged insider trading violation by agreeing to pay Rs 25 lakh, said the Securities and Exchange Board of India (Sebi). On the other hand, the IT major informed stock exchange on Thursday that there is no impact on the Company’s financial, operational or other activities pursuant to the Settlement Order.

The case pertains to a 2020 partnership announcement between Infosys and US-based global asset manager Vanguard, under which the IT firm would provide a cloud-based record-keeping platform to Vanguard. The partnership should have been treated as unpublished price sensitive information (UPSI), as per Sebi rules. However, Infosys failed to do so. Parekh was the CEO and MD of Infosys at the time of the partnership announcement.