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Infosys Fines Biocon CEO Kiran Mazumdar Shaw For Violating Insider Trading Norms
Biocon CMD Kiran Mazumdar Shaw (Twitter/Kiran Mazumdar Shaw)
Infosys Ltd has fined its lead independent director and Biocon CEO Kiran Mazumdar Shaw Rs 9.5 lakh in an insider trading case, reports Business Standard (BS).
Shaw was found guilty of selling 1,600 Infosys during an open trading window period without obtaining prior permission from the company to execute such a trade. It should be noted that the trade was carried out by Shaw’s portfolio manager without her knowledge.
However, the action is still in violation of Infosys’ insider trading policy and SEBI’s Prohibition of Insider Trading Regulations, 2015. Securities and Exchange Board of India (SEBI) is India’s apex securities regulator.
“The trade was carried out by the portfolio manager without the knowledge of Mazumdar-Shaw. In this case, she had given no instruction to conduct the trade and she also had no knowledge of the trade having occurred. The portfolio manager unilaterally took the decision to conduct the trade,” said Infosys in a regulatory filing.
Kiran Mazumdar Shaw is an Indian billionaire entrepreneur who founded Biocon Ltd., one of India’s top pharma companies. She is also the chairperson of Indian Institute of Management Bangalore.
Recently, she was elected as a member of the prestigious US National Academy of Engineering (NAE). She is the first Indian woman to receive this distinguished global honour.
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