Sebi Cracks Down on Insider Trading Duo

Sebi has barred Keyur Maniar and Ramit Chaudhri from the securities market for a year due to insider trading involving Infosys. The duo was fined over Rs 2.60 crore. Maniar and Chaudhri must repay illegal gains with interest, following Sebi's comprehensive investigation and final order.

In a decisive move, market regulator Sebi has barred two individuals from securities trading for one year. The penalties relate to insider trading in Infosys shares, which resulted in illegal profits of over Rs 2.60 crore.

Keyur Maniar, allegedly the insider trader, and Ramit Chaudhri, a former Infosys employee, were penalized after Sebi's rigorous investigation. Besides the market ban, they each face a Rs 30 lakh fine, payable within 45 days.

Sebi's order revealed that Chaudhri shared sensitive information with Maniar, facilitating their illegal trading activities. This comes after Sebi's surveillance system flagged their trades as suspicious, leading to interim and confirmatory orders prior to the final judgment.

(With inputs from agencies.)