Sebi Bans Ex-Infy, Wipro Staffers in Insider Trading Case

Two former employees of IT services providers Infosys and Wipro have been banned from trading in securities after the Securities and Exchange Board of India (Sebi) found them guilty of insider trading in Infosys shares when t had won a large deal from US-based investment advisor Vanguard.

Sebi said in an ex-parte interim order dated September 27 that Ramit Chaudhri, the Infosys employee, and Keyur Maniar, a Wipro staffer, have been banned from trading in securities and that their demat and bank accounts have been frozen. The conclusion of a detailed investigation is pending, it added.

“We are in receipt of the interim ex-parte order issued by the Securities and Exchange Board of India in the matter of insider trading relating to shares of Infosys Ltd. Effective September 28, 2021, Keyur Maniar is not an employee of Wipro Ltd,” Wipro said on Wednesday.

Infosys on our group companies have a well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information, Infosys said. The firm is not a party in this matter.

Infosys maintains strong policies and procedures reflecting its commitment to the highest level of compliance, integrity, and ethical business practices in all jurisdictions, and will extend full cooperation as required to Sebi on the matter, Infosys said. S-ET

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