Infosys CEO settles Indian regulator's charge of lacking controls to prevent insider trading

FILE PHOTO: A man walks past a billboard of Infosys Technologies Ltd's office in Bangalore, capital of the southern state of Karnataka, October 10, 2003. REUTERS/Jagadeesh NV/FA//File Photo

BENGALURU (Reuters) -Infosys CEO Salil Parekh settled charges for failing to place adequate internal controls to prevent insider trading at India's No.2 IT services exporter during a 2020 contract, the country's markets regulator said on Thursday.

Parekh agreed to pay 2.5 million rupees (around $30,000) to settle the markets regulator's charge, which was related to a contract for Infosys to provide U.S. financial firm Vanguard with a cloud-based record-keeping platform.