Markets regulator Securities and Exchange Board of... moreMarkets regulator Securities and Exchange Board of India (Sebi) is probing the buildup of huge derivatives positions in Infosys stock before allegations of accounting malpractices went public, said two people with direct knowledge of the matter. Huge derivatives positions were built up and put positions were accumulated in the November series of Infosys.The whistleblower complaint made to the management and US Securities and Exchange Commission (SEC) became public on 21 October. The development saw American Depository Receipts (ADRs) of Infosys slump 17% on Monday, and over 16% in India on Tuesday. The whistleblower complaint accused the company’s chief executive officer Salil Parekh and chief financial officer Nilanjan Roy of unethical accounting practices in a bid to shore up profits.
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