Mindree's chairman Krishnakumar Natarajan inadvertently violates company's trading norms
BENGALURU: Technology company Mindtree has notified stock exchanges that its executive chairman Krishnakumar Natarajan has informed the company that he inadvertently violated its insider trading programme.
In a letter to the company's corporate finance department, Natarajan said his portfolio management services company bought 240 equity shares of the company without informing him.
Mindtree said the company will act on it as per the code of conduct for prevention of insider trading in Mindtree security. The development mirrors insider trading violation at Infosys where chairman Ravi Venkatesan's fund management company inadvertently bought 50 shares of the company during trading closure window.
Natarajan's letter to Mindtree said: "I have opted for Portfolio Management Services (PMS) with ICICI Prudential Asset Management Company ("Portfolio Manager") for the investment in small cap funds. However, the Portfolio manager has inadvertently acquired 240 equity shares of Mindtree (though Mindtree is not a small cap) on March 1, 2017 without informing me or seeking my permission.
Subsequent to the above purchase, our holding in Mindtree has increased by 240 shares". Natarajan said since he did not have any intention to trade in Mindtree shares and the trade happened without his knowledge, he had not obtained pre-trading approval from the company. The letter also said the trading window was open at the time of the transaction (March 1, 2017).
In a letter to the company's corporate finance department, Natarajan said his portfolio management services company bought 240 equity shares of the company without informing him.
Mindtree said the company will act on it as per the code of conduct for prevention of insider trading in Mindtree security. The development mirrors insider trading violation at Infosys where chairman Ravi Venkatesan's fund management company inadvertently bought 50 shares of the company during trading closure window.
Natarajan's letter to Mindtree said: "I have opted for Portfolio Management Services (PMS) with ICICI Prudential Asset Management Company ("Portfolio Manager") for the investment in small cap funds. However, the Portfolio manager has inadvertently acquired 240 equity shares of Mindtree (though Mindtree is not a small cap) on March 1, 2017 without informing me or seeking my permission.
Subsequent to the above purchase, our holding in Mindtree has increased by 240 shares". Natarajan said since he did not have any intention to trade in Mindtree shares and the trade happened without his knowledge, he had not obtained pre-trading approval from the company. The letter also said the trading window was open at the time of the transaction (March 1, 2017).
