The lead independent director of Infosys, Kiran Mazumdar Shaw, has settled with Sebi a case of alleged delay in making disclosure regarding change in her shareholding in the IT company by paying over Rs 3 lakh as settlement charge.
Mazumdar Shaw, who is also chairman of Biocon, was alleged to have violated provisions of the Prohibition of Insider Trading (PIT) regulations, reported news agency PTI.
The Securities and Exchange Board of India (SEBI) had conducted an examination in the matter of Infosys and observed that Mazumdar Shaw had delayed making the requisite disclosures with respect to change in her shareholding in the company.
However, before proceeding further and initiating proceedings against her, the regulator sent notice of settlement to her, intimating that the proceedings may be settled and disposed of upon filing of an application settlement mechanism of Sebi along with remittance of settlement amount of over Rs 3.01 lakh.
Accordingly, she filed a settlement application without admitting or denying the default and remitted Rs 3,01,758 in September 2019.