Firstsource Solutions Cfo Dinesh Jain Violates Insider Trading Code

Mid-tier BPM firm Firstsource Solutions has disclosed an inadvertent violation of its insider trading code by its chief financial officer, Dinesh Jain, who traded in the company's shares during the trading window closure period and also executed contra trades, according to a stock exchange filing on Monday.The company said Jain, a designated person under the SEBI (Prohibition of Insider Trading) Regulations, sold 7,211 shares on the NSE at Rs 242 apiece on June 29 and bought back the same number of shares later that day at Rs 238.68, resulting in a contra trade during the trading window closure period.Firstsource said the violation was procedural and unintentional. The company informed the stock exchanges that Jain had proactively disclosed the non-compliance to the compliance officer before the trades were reported. As part of the action taken, the company has issued a cautionary notice to Jain and barred him from buying or selling the company's shares for the next six months following the prior transaction. The matter will also be placed before the company's audit committee at its upcoming meeting, the filing noted. The company said the action was determined after considering the number of shares involved, that this was the first instance of non-compliance by the executive, and his voluntary disclosure of the violation.Firstsource also informed the exchanges that the reported deviation was not material in relation to the company's total paid-up equity share capital. The company said there were no previous instances of code violations by the executive since the last financial year and no monetary penalty was imposed.