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<ul><li>The <keyword id="6355630" type="COMPANY" weightage="20" keywordseo="securities-and-exchange-board-of-india">Securities and Exchange Board of India</keyword> (SEBI) is pointing the finger at <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> in a new case of insider trading.</li><li>The securities watchdog has accused eight entities, including two employees of Infosys, of colluding to make a profit of ₹3 crore using insider information.</li><li>Here’s how SEBI believes information was leaked, the market was manipulated, and a few bad actors thought they could get away with it.</li></ul>UPDATE: Infosys told Business Insider that it plans to "extend full cooperation" to SEBI and launch an internal investigation of its own. Infosys is once again caught in the tangles of insider trading. This time, the market regulator has found evidence that at least one employee helped a bunch of traders make a chunky profit to the tune of ₹3 crore by dealing in shares ahead of public announcements. According to Securities and Exchange Board of India (SEBI), the evidence is ‘prima facie’, which means it’s legally sufficient to establish the case of insider trading unless disproved. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name of the entities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Proceeds </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital One Partners, Amit Bhutra, and Bharath C Jain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tesora Capital, Amit Bhutra, Manish Jain, and Ankush Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26.8 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TOTAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3 crore </td></tr></tbody></table> As a result, eight entities ⁠— including two employees of the information technology (IT) behemoth ⁠— have been banned from the capital markets until further notice. The process enabling insider trading, as described in the interim order, has been explained below. According to the securities watchdog, it wasn’t just one trade. <keyword id="11361768" type="UNKNOWN" weightage="20" keywordseo="tesora-capital">Tesora Capital</keyword> and <keyword id="11361767" type="UNKNOWN" weightage="20" keywordseo="capital-one-partners">Capital One Partners</keyword> indulged in multiple futures and options from December 2019 to September 2020. “Capital One and Tesora have the same repetitive pattern of trading in the scrip of Infosys during periods close to the announcement of financial results,” said SEBI’s order. These are the people who SEBI has banned from trading in capital markets as part of its interim order in the insider trading case: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Who is this? </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SEBI’s allegations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pranshu Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior corporate counsel at Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Had access to price sensitive information that he shared with Amit Bhutra and transferred funds to a company called Mahrishi Alloy Private Limited. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Capital One Partners and Tesora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit is on the board of directors of Mahrishi. Mahrishi transferred funds to Amit’s mother. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharath C Jain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Capital One Partners </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharath procured UPSI from Amit. He is also one of the directors of Mahrishi. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital One Partners </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit and Bharat are both working partners at Capital One Partners. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tesora Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amit, Ankush and Manish are all working partners at Tesora. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manish C Jain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Tesora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brother of Bharath C Jain </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ankush Bhutra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Working partner at Tesora </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Director at Mahrishi. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Venkata Subramaniam VV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior principal of corporate account group at Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Designated person for the price sensitive information at Infosys. Alleged to have leaked the insider information to Pranshu. </td></tr></tbody></table>Source: SEBI, * = unpublished price sensitive information (UPSI) <cmsannotation type="cmsannotation" annotationid="Phone calls, emails and the ‘fatherly’ connection" comment="subhead" text="Phone calls, emails and the ‘fatherly’ connection">Phone calls, emails and the ‘fatherly’ connection</cmsannotation> SEBI has gathered a plethora of evidence to support its allegations using email exchanges, telephonic records and banking transactions. And, it all starts with Pranshu Bhutra. Amit Bhutra is listed as a director on the board of a company called Mahrishi Alloy Private limited, which claims to make steel products. And, so is Pranshu Bhutra’s father, Ram Bilas Bhutra. That’s where the trail begins. So far, SEBI has been able to establish that Pranshu Bhutra — a senior employee at Infosys — shared insider information with Amit Bhutra. Information that the watchdog believes he likely obtained from another Infosys employee, Venkata Subramaniam VV. In the month of June 2020 alone, Pranshu Bhutra transferred a combined amount of ₹1.1 crore to Mahrishi on four separate occasions. Shortly thereafter, around ₹1 crore was transferred into the account of Shyama Devi Bhutra — Amit Bhutra’s mother. This means that not only does SEBI have reason to believe that Pranshu Bhutra shared insider information with other people, but also that he had money on the line. Amit Bhutra used this money to take up positions in the market through Capital One Partners and Tesora Capital — both companies where he is a working partner. Bharath Jain, also a partner at Capital One, was also involved in the trades. And, so was his brother, Manish Jain — who was a partner at Tesora alongside Amit Bhutra and a director at Mahrishi. According to SEBI, all six individuals had access to insider information and used this information to take up positions in the market for a profit. <cmsannotation type="cmsannotation" annotationid="What happens next?" comment="subhead" text="What happens next?">What happens next?</cmsannotation> Business Insider contacted Infosys to ascertain if it would be taking an action against the named employees or if it plans to challenge SEBI’s order. "The company will extend full cooperation as required to SEBI on the matter. Additionally, as a result of the Order, an internal investigation is being initiated and appropriate action will be taken on conclusion of such investigation," the company told Business Insider in a statement. The new set of allegations have come in less than a year after the IT major’s independent director, Bobby Parikh, was <a href="https://www.business-standard.com/article/companies/infosys-independent-director-bobby-parikh-fined-for-stock-market-trade-120081700050_1.html">fined ₹2 lakh for ‘inadvertently’ trading</a> with his wife’s account. The year before that, in 2019, chief executive officer (CEO) Salil Parekh and chief financial officer (CFO) Nilanjan Roy were<a href="https://www.bloombergquint.com/business/whistleblowers-accuse-infosys-ceo-salil-parekh-of-unethical-practices-to-boost-profit"> also accused </a>of unethical accounting practices in a bid to boost revenue and profit. They were later cleared when an <a href="https://www.bloombergquint.com/business/infosys-audit-finds-no-merit-in-whistleblower-allegations-against-ceo-salil-parekh">independent Infosys audit</a> found no merit in the whistleblower allegations. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/economy/news/indias-gdp-has-contracted-five-times-since-1947-but-never-as-bad-as-7-3/articleshow/83135455.cms">India’s GDP has contracted five times since 1947, but never as bad as 7.3%</a> <a href="https://www.businessinsider.in/business/corporates/news/backed-by-mukesh-ambani-infibeam-expects-business-to-grow-manifold-to-100-billion-dollars/articleshow/83111869.cms">INTERVIEW: With a partner like Mukesh Ambani's Jio, Infibeam expects to hit $100 billion in online transactions in the next 5 years</a>

Here's how Infosys employees shared insider information that turned a chunky profit of ₹3 crore

I go to Starbucks on the way to work every day. I know it's not the best coffee available, but for all its detractors, it's an efficient caffeine delivery mechanism.Today I took the the long way to work to try <a href="http://www.philzcoffee.com/">Philz Coffee</a>, a San Francisco coffee shop chain <a href="http://techcrunch.com/2015/02/18/philz-coffee-funding/#4ySwe2:psv">that just finished a $15 million Series B round</a>. It's using the money to expand nationwide.It's not every day you hear about a coffee chain getting venture capital money from firms that usually invest in tech companies. <a href="http://www.summitpartners.com/">Summit Partners</a>, which led the round, has invested in Uber, Belkin, and Arista. Philz started up in 2003, so it grew up during the latest tech boom. But it doesn't deliver coffee by drone, accept Snapcash, or put Soylent in its drinks (as far as we know - although it does advertise a secret ingredient).So why all the fuss? I decided to find out, and visited Philz' original shop in San Francisco's Mission district.The first thing I noticed after walking is in was the shop's walls. They're painted with clouds and covered with colorful paintings:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The couches, sofas, and tables opposite the coffee bar itself give Philz a calm, social vibe. There wasn't much of a line when I visited.People were on laptops but it didn't seem like a place to do business. Everyone was relaxed and happy, not staring at their phones waiting for someone to call out their name.Philz is a place for people who enjoy the experience of drinking coffee.The blackboard menu was filled with an overwhelming number of blends, each with odd names like "Silken Splendor," "It's the Best," and "Ambrosia Coffee of God." It wasn't clear what each one would taste like. My barista told me each blend was made from two to seven coffee beans blended together and mixed with a mysterious blend of cream and sweetener.I say mysterious because the sign out front touts a "secret ingredient" and they didn't tell me exactly how they do it. There's plenty of food, too. Philz offers fresh-looking bagels, muffins, and pastries for about $2 to $5, which is reasonable. You could eat breakfast there if you wanted, but I got the impression that people come here for the coffee, and the food is just an added bonus. I finally chose a blend called <a href="http://www.philzcoffee.com/Online-Store/Medium-Roast-Blends/Philz-Coffee-Tesora">Tesora</a> - a medium roast, and Philz' first blend ever. I saw Splenda behind the counter, but I got my coffee "Philz way," with medium cream and sweetener. <div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Philz Coffee's slogan - and possibly the secret to its success - is "one cup at a time." I soon discovered that Philz isn't for the commuting worker. It's a slow process. I watched my coffee drip from its bag in one of the four brewing machines my barista was in charge of.But once it was done, it was unlike any coffee I'd ever had. The coffee I'm used to tastes like coffee. But this genuinely tasted like butter, nuts, and caramel. It was the smoothest coffee I've ever had.You definitely pay for the quality, though. My large was $4, about a buck more than I pay for something similar at Starbucks.So while there's no obvious tech angle, Philz investors probably see an opportunity in the premium coffee market. It's possible that slower-moving sit-down coffee shops like this one will steal some customers from Starbucks, just like "fast-casual" food chains like Chipotle and Panera Bread have <a href="http://www.businessinsider.com/why-mcdonalds-ceo-don-thompson-failed-2015-1">taken business away from McDonald's</a>. It all depends on why you're drinking coffee. If you're in a hurry, just trying to wake up before a busy day, Starbucks has your back. But if you've got a little extra time and money to burn, I'd go to Philz almost every time. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/inside-eat-shake-shack-burger-fries-2015-2">We got inside Shake Shack and found out what the hype is all about</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="14aW1jczpuebzWfyY2nPhbJ8hRbcT8ZB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

I visited the coffee shop that just raised $15 million from tech investors to see what all the fuss was about

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Here's how Infosys employees shared insider information that turned a chunky profit of ₹3 crore

Prabhjote Gill

I visited the coffee shop that just raised $15 million from tech investors to see what all the fuss was about

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