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 US Securities and Exchange Commission on Tuesday.
The audit committee of Infosys imposed a fine of Rs 500,000 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, the No. 2 Indian software services exporter said.
Infosys said it had directed the CEO to pay the penalty to a charity and he had complied.
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