06:42 AM EDT, 06/27/2024 (MT Newswires) -- Infosys ( INFY ) Chief Executive Salil Parekh has agreed to pay 2.5 million rupees ($30,000) to settle charges brought by the Securities and Exchange Board of India for failing to implement adequate internal controls to prevent insider trading during a 2020 contract, India's market regulator said on Thursday.

The charge relates to a contract in which Infosys ( INFY ) was to provide a cloud-based record-keeping platform for Vanguard.

The contract was publicly disclosed in 2020; however, the regulator found that "certain information which was unpublished price-sensitive information (UPSI) had not been considered as such by Infosys ( INFY )," according to the settlement order.

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