SEBI v. Pranshu Bhutra and others (alleged insider trading in Infosys, 2024)

Dismissed

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In September 2024 a SEBI whole-time member disposed of, without any directions, insider trading proceedings against 16 noticees over trading in Infosys shares around its results announcements. The order held that the evidence did not establish that unpublished results information had been passed along, vacated the earlier interim restraints and released impounded sums.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

SEBI whole-time member Ashwani Bhatia issued the final order on 9 September 2024. It covers 16 noticees, among them Pranshu Bhutra, Amit Bhutra, Bharath C. Jain, several trading firms such as Capital One Partners and Tesora Capital, and Infosys employee Sunil Kumar Dhareshwar. Twelve are named on this record; four others are not.

SEBI began with exchange alerts of suspicious trading in Infosys shares around the July 2020 announcement of results for the quarter ended June 2020, and in May 2021 issued an interim order with impounding directions, confirmed in September 2021. The Securities Appellate Tribunal quashed those orders for two noticees, Mr Pranshu Bhutra and Mr Venkata Subramaniyam, in April 2022. After a full investigation covering December 2019 to November 2020 and four sets of results, a show cause notice followed in December 2022. SEBI alleged that unpublished price sensitive information about the results was passed from insiders through intermediaries to traders who dealt on it.

The order examines the chain of alleged communications. It finds that the material did not establish that Mr Subramaniyam, who allegedly reported indirectly to Mr Dhareshwar, had access to the information or passed it to Mr Pranshu Bhutra, since no calls or circumstantial evidence showed it, and that the missing messaging records permitted no adverse inference. Because the link at the start of the chain failed, it held that the allegations of onward communication and trading could not be sustained against any noticee.

The directions vacated the restraints imposed on noticees 2 to 7 by the interim and confirmatory orders, disposed of the proceedings against all 16 noticees without direction, and released the sums impounded from noticees 2 to 7 together with accrued interest. No penalty or disgorgement was ordered.

The record does not show whether SEBI appealed or whether the funds were released in full. The earlier interim order put alleged unlawful gains in the tens of millions of rupees, but that was a prima facie view and this final order does not adopt it. No criminal case is mentioned.

This library tags the matter as insider trading. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-09-09 SEBI order

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order
• Order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.