Infosys CEO fined for breaking rule

8 Jan 2008

BANGALORE, Jan 22 - India's Infosys Technologies Ltd has fined its chief executive for not reporting on time a change in his share ownership, the company said in a filing with the U.S. Securities and Exchange Commission on Tuesday.

The audit committee of Infosys imposed a fine of 500,000 rupees (about $12,500) on S. Gopalakrishnan for "inadvertently failing" to notify the company within one business day following the change in his shareholding as per its insider trading rules.

Gopalakrishnan had inherited 12,800 shares from his mother on Dec. 24, 2007.

Infosys said it had directed the CEO to pay the penalty to a charity and he had complied.

Source