Bangalore: Infosys Technologies has fined its CEO and MD S Gopalakrishnan for not reporting a change in his shareholding within the stipulated time.
The company said in a filing with the US Securities and Exchange Commission (SEC) on Tuesday that Gopalakrishnan inherited 12,800 equity shares from his mother on December 24 last year.
“Gopalakrishnan inadvertently failed to notify the company within one business day following the change in his shareholding, which failure was also a violation of the company's insider trading rules,” the filing said.
On January 10, the audit committee of the company's board of directors had determined that Gopalakrishnan's failure to provide notification was a technical violation of the insider trading rules, although it noted that
Edited & Published By Raj Francis Pereira