A Sebi order by whole-time director Madhabi Puri Buch said that the Infosys officials leaked unpublished price sensitive information (UPSI) about the company’s audited financial results for the quarter ended 30 June 2020, which resulted in ill-gotten gains for those involved. “There is ample prima facie evidence that demonstrates that entities have been in violation of Sebi Act and Prohibition of Insider Trading (PIT) Regulations. This has not only violated the integrity of the market but also prima facie resulted in undue benefit to them over general investors" the Sebi order said. In its investigation, Sebi found that Pranshu Bhutra was connected to Amit Bhutra via frequent telephonic conversations. Thus, Pranshu is also reasonably expected to have access to the UPSI through Venkata and on a preponderance of probability basis, he was in possession of the UPSI, said the Sebi order.

Source: Mint June 01, 2021 16:21 UTC