sebi:WTM/ASB/IVD-1/ID11/30744/2024-25
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Facts / Headnote
SCN allegations of insider trading not sustained; proceedings against all Noticees disposed of without directions; interim/confirmatory directions vacated for Noticees 2 to 7; no fresh directions for Noticees 1 and 8 as interim and confirmatory orders already quashed by SAT.
Provisions invoked
- s. 19
- s. 12A
- s. 15G
Regulations
- Reg. 4(1)
- Reg. 3
- Reg. 2(1)(g)
- Reg. 2(1)(d)(i)
- Reg. 3(5)
- Reg. 3(1)
- Reg. 2(1)(n)
- Reg. 3(2)
- Reg. 2(1)(g)(i)
- Reg. 9A
- Reg. 9(4)
- Reg. 9A(2)(a)
Parties
- Pranshu Bhutra
- Amit Bhutra
- Capital One Partners
- Tesora Capital
- New World Capital
- Optimus Capital
- Tattva Capital
- Venkatasubramaniyam V.V.
- Sunil Kumar Dhareshwar
- Ankush Bhutra
- Manish Jain
- Akhil Jain
- Bharat Jain
- Aishwarya Ravishankar
- Manish Bhutra
- Mahesh Chandra Bhutra
Holding
The Whole Time Member held that it was not proved that Pranshu Bhutra procured UPSI pertaining to Infosys financial results from Sunil Kumar Dhareshwar or Venkatasubramaniyam V.V. and communicated it onward, and therefore the insider-trading charges against Pranshu, Amit Bhutra and the connected partnership firms and partners could not be sustained and the proceedings were disposed of.
Full text
_____________________________________________________________________________________ Order in the matter of alleged insider trading activities of certain entities in the shares of Infosys Ltd. Page 2 of 57
_____________________________________________________________________________________ Order in the matter of alleged insider trading activities of certain entities in the shares of Infosys Ltd. Page 3 of 57 The grounds on which the said orders were quashed are discussed later in this
_____________________________________________________________________________________ Order in the matter of alleged insider trading activities of certain entities in the shares of Infosys Ltd. Page 4 of 57 the date when the UPSI pertaining to the financial results came into existence. The said UPSI came to an end when INFY disseminated the quarterly financial results to the public through stock exchange announcements. Therefore, the start and end of the UPSI periods for the financial results for each quarter were as under:
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Source: SecMarx — sebi:WTM/ASB/IVD-1/ID11/30744/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.