SEBI v. Keyur Maniar and Ramit Chaudhri (insider trading in Infosys, 2025)

Judgment entered

✓ 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In January 2025 a SEBI whole-time member found that an insider at Infosys had passed unpublished information about the company's Vanguard deal to a trader, who bought ahead of the announcement in July 2020. The order directed disgorgement of Rs 2,60,70,624 with interest, restrained both for 1 year and imposed penalties of Rs 30,00,000 each.

The record

What was ordered

Civil penalty

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Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

6m INR

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. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

SEBI whole-time member Ananth Narayan G. issued the final order on 31 January 2025. The noticees were Keyur Maniar, who traded, and Ramit Chaudhri, whom the order treats as an insider at Infosys Limited. The case began with a surveillance alert about trading in Infosys shares in July 2020, and SEBI had earlier impounded Mr Maniar's alleged gains under an interim order of 27 September 2021.

SEBI alleged that the announcement of Infosys's deal with Vanguard was unpublished price sensitive information, that Mr Chaudhri communicated it to Mr Maniar, and that Mr Maniar traded in Infosys while holding it. The order examines at length whether the deal was price sensitive and unpublished, the period of the information, Mr Chaudhri's insider status, and the timing of calls between the two relative to Mr Maniar's trades and unusual trading pattern in July 2020.

The order rejects preliminary objections about inspection of documents and delay, accepts the deal as price sensitive information, and finds that Mr Chaudhri communicated it and Mr Maniar traded on it. It treats Mr Chaudhri as liable for conveying the information rather than for trading. It computes Mr Maniar's illegal gains at Rs 2,60,70,624.

Both were restrained from the securities market for 1 year. Mr Maniar was directed to disgorge Rs 2,60,70,624 with simple interest at 12 per cent a year from 17 July 2020, paid to the investor protection fund from the amount already held in escrow. Each was penalised Rs 30,00,000 under section 15G, Rs 60,00,000 in all.

The record does not show whether the order was appealed or what the earlier interim and confirmatory orders were at their outset, nor the nature of the call content, which the order infers from timing and pattern. 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. 2025-01-31 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.