<p>Infosys said Thursday its Lead Independent Director Kiran Mazumdar-Shaw had inadvertently through her portfolio management services sold 1,600 shares of the company without obtaining pre-clearance of trade.</p>.<p>Following a review by the audit committee of the company's Board of Directors that determined that there was a violation of the Infosys Insider Trading Policy and the Prohibition of Insider Trading) Regulations, 2015, a penalty of Rs 9.5 lakh has been imposed on Mazumdar-Shaw.</p>.<p>"On February 13, 2019, it was brought to the attention of the Compliance Officer of Infosys Ltd that Kiran Mazumdar-Shaw, Lead Independent Director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys Ltd without obtaining pre-clearance of trade," it said in a regulatory filing.</p>.<p>It added that the transaction occurred when the trading window was open.</p>.<p>"The Trade was carried out by the portfolio manager without the knowledge of Ms Mazumdar-Shaw," it said.</p>.<p>The filing explained that in portfolio management services, the investor does not generally monitor the day-to-day investment decisions and in this case too, Mazumdar-Shaw had given no instruction to conduct the trade.</p>.<p>"... she also had no knowledge of the trade having occurred. The portfolio manager unilaterally took the decision to conduct the trade," it added.</p>.<p>The penalty amount of Rs 9.5 lakh will be payable to a charitable organisation of her choice, the filing noted.</p>
<p>Infosys said Thursday its Lead Independent Director Kiran Mazumdar-Shaw had inadvertently through her portfolio management services sold 1,600 shares of the company without obtaining pre-clearance of trade.</p>.<p>Following a review by the audit committee of the company's Board of Directors that determined that there was a violation of the Infosys Insider Trading Policy and the Prohibition of Insider Trading) Regulations, 2015, a penalty of Rs 9.5 lakh has been imposed on Mazumdar-Shaw.</p>.<p>"On February 13, 2019, it was brought to the attention of the Compliance Officer of Infosys Ltd that Kiran Mazumdar-Shaw, Lead Independent Director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys Ltd without obtaining pre-clearance of trade," it said in a regulatory filing.</p>.<p>It added that the transaction occurred when the trading window was open.</p>.<p>"The Trade was carried out by the portfolio manager without the knowledge of Ms Mazumdar-Shaw," it said.</p>.<p>The filing explained that in portfolio management services, the investor does not generally monitor the day-to-day investment decisions and in this case too, Mazumdar-Shaw had given no instruction to conduct the trade.</p>.<p>"... she also had no knowledge of the trade having occurred. The portfolio manager unilaterally took the decision to conduct the trade," it added.</p>.<p>The penalty amount of Rs 9.5 lakh will be payable to a charitable organisation of her choice, the filing noted.</p>