IT major Infosys has said that it has initiated an internal probe in the matter of insider trading in its scrip wherein market regulator SEBI has barred two of its employees among others. In a statement, the company said that on June 1, it was informed of the interim ex-parte order by the capital market regulator

 "The company will extend full cooperation as required to the SEBI on the matter. Moreover, as a result of the order, an internal investigation is being initiated and appropriate action will be taken on conclusion of such investigation," it said. Infosys added that it has a "well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information".

In an order on Monday, the SEBI barred eight entities, including individuals and two financial companies, for being involved in insider trading in the scrip of Infosys. The entities are Pranshu Bhutra, Amit Bhutra, Bharath C. Jain, Manish C. Jain, Ankush Bhutra, Venkata Subramaniam V.V., and firms Capital One Partners and Tesora Capital. The investigation found that the total proceeds generated from insider trading were over Rs 3.06 crore.

The SEBI has directed the impounding of the bank accounts of those involved and also asked them to create an escrow account jointly and severally and deposit the impounded amount in that account, within 15 days from the order.

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