Sebi Exonerates Former Infosys Employees in Insider Trading Case

Sebi has lifted restrictions on 16 entities, including former Infosys employees, involved in an alleged insider trading case. The regulator vacated prohibitions against several individuals, following a Securities Appellate Tribunal (SAT) ruling that quashed earlier orders due to insufficient evidence of insider trading violations.

Sebi has lifted restrictions on 16 entities, including some former employees of Infosys, in an alleged insider trading case, putting an end to the matter.

The regulator vacated prohibitions on six entities, including Amit Bhutra and Bharath C Jain, following an SAT ruling that quashed the interim and confirmatory orders.

The investigation began after Sebi identified suspicious trading around Infosys's financial results from December 2019 to September 2020, pointing to potential insider trading norms violations. However, Sebi's final order, penned by whole-time member Ashwani Bhatia, stated insufficient evidence to sustain the allegations. Consequently, the case against all noticees has been dismissed.

(With inputs from agencies.)