Infosys, has said it will initiate an internal investigation into an insider trading matter after markets regulator Sebi barred two of its employees from the securities market in the case as a result of the Order, an internal investigation is being initiated and appropriate action will be taken on conclusion of such investigation.
"On June 1st, Infosys was informed of an interim ex-parte SEBI Order where two of its employees, amongst other third parties have been named, in an ongoing insider trading investigation. Infosys has a well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information. The Company will extend full cooperation as required to SEBI on the matter. Additionally, as a result of the Order, an internal investigation is being initiated and appropriate action will be taken on conclusion of such investigation," the company said in a statement.
Sebi has banned eight entities, including two employees of Infosys, for indulging in insider trading activities in the shares of the company. The entities have traded in the scrip of Infosys while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to Infosys' financial results for the quarter ended June 30, 2020, Sebi said in an interim order.