Infosys and Wipro employees charged with insider trading

Two tech execs, one at Infosys and another at Wipro, are in trouble with the Securities and Exchange Board of India (SEBI) after they were accused of insider trading of Infosys stock, according to a late September filing. SEBI said in its interim order [PDF] that an alert system had notified the regulatory body of suspicious …

[elsergiovolador]

A tasty dip

Infosys ticker has a interesting dip when it was announced that IR35 changes will be postponed and then goes back up when Chancellor announced the IR35 changes will go ahead next year in April. From then Infosys is unstoppable! It could be all a coincidence of course.

[Anonymous Coward]

Any of those congressfucks been charged with insider trading, after making a killing using insider covid info?

[elsergiovolador]

"It'S HaRd tO PrOvE"

Obviously bent law enforcement will do nothing and lawlessness will only continue to creep in.

[Cederic]

Now then, be nice, there's no evidence at all to support this outrageous supposition.

https://text.npr.org/1039313011 points out that the related Senator makes no trades at all!

https://twitter.com/NancyTracker/status/1443705698534268933 is thus not to be trusted.

[Dave314159ggggdffsdds]

No, because that hasn't happened. Insider trading is, generally, completely fucking obvious to regulators. All they have to do is watch for highly profitable trades made shortly before an announcement. They investigate, they prove it, people - senators, in one recent case - go to jail. Only very stupid politicians get involved in that.

There is real insider trading, on an informal basis, going on anywhere asset management takes place. But it's almost impossible to stop because no-one profits directly - it's all nudge-wink, you might want to take a look, and then the favour is returned at some later date.

[ecofeco]

Congressmen only get punished... if they don't report it. But they are still free to trade on insider information... IF they report it.

[ecofeco]

How can they be charged? It is specifically not illegal for them, and them only, to do so.

Yeah, insane innit? Yet true.

[Anonymous Coward]

Not bad. Get caught and they just have to give it back, that's all. Of course the shame - I forgot about the shame.

[Dave314159ggggdffsdds]

Eh? They haven't been convicted yet, and have already had to hand over the money. On conviction they'll receive jail time or massive fines, too.

[Anonymous Coward]

<SARCASM>

A bent exec in an outsourcing company?

Well I never would have believed that....

</SARCASM>

[Anonymous Coward]

Have you noticed how so many legit companies that start dealing with outsourcers always seem to end up with bent execs? To perform so badly requires incompetence or complicity, and there are only so many incompetent managers.

[Anonymous Coward]

The are different than you and me

My one brush with insider information was in private industry when I was working on a contract with a supplier which would, ultimately, send their stock soaring.

Unlike the rich, I didn't know anyone who would pay me for the information and, if I acted on it myself, unlike the rich, I would be fired and fined much more than the profit I made.

[Cederic]

miniscule

One ninth of a trade on which the profit alone was $350k is apparently 'miniscule'.

Sure. If you're a pension fund. Not for those of us that rely on them.

[Dave314159ggggdffsdds]

Re: miniscule

"One ninth of a trade on which the profit alone was $350k is apparently 'miniscule'."

You have no idea how profitable the trade was. It's entirely possible, given the insider knowledge, that the profit was many times the investment. In which case a ninth of the invested amount may well have been a pretty trivial sum to any reasonably-salaried senior professional.

[ecofeco]

Execs?

Shocked I tell you! Whocouldaknowed?!