Sasken Technologies Limited disclosed a violation of its insider trading code by a designated person, resulting in financial penalties and a restriction on future stock benefits. The company reported to the stock exchanges on June 15, 2026, that Praveen Kumar, a Senior Architect, had breached the SEBI (Prohibition of Insider Trading) Regulations, 2015. The violations involved trading company shares without the required preclearance from the compliance officer and failing to report the trades promptly.

Details of the Violation

Praveen Kumar executed multiple transactions in Sasken Technologies shares during May 2026 without adhering to the mandated compliance protocols. The trades included sales and purchases that exceeded ₹10 lakh in value during the calendar quarter, necessitating specific disclosure timelines that were not met.

The specific transactions included:

Action Taken by the Company

In response to the breach, Sasken Technologies issued a warning letter to Kumar. The company imposed a penalty of ₹25,000, which the employee deposited into the SEBI Investor Education and Protection Fund on June 12, 2026. Additionally, Kumar has been deemed ineligible for any issuance of Employee Stock Options (ESOPs) for a period of three years.

The company stated that Kumar informed them in writing that the default was inadvertent and unintentional. Sasken Technologies determined that the imposed actions were appropriate to address the violation and deter future non-compliance by designated persons or their immediate relatives. There were no previous instances of violations recorded since the last financial year.

Sasken Technologies appointed V. Suryanarayanan as an Additional Director in the Independent Category effective June 12, 2026. The appointment, approved by the Board on the recommendation of the Nomination & Remuneration Committee, strengthens the company's governance structure with a veteran finance leader. Suryanarayanan will hold office for a term of up to five consecutive years, subject to the approval of members at the 38th Annual General Meeting. His appointment is not liable to retirement by rotation.

Director Profile and Expertise

Suryanarayanan is a Chartered Accountant with over 30 years of experience in finance leadership roles across the manufacturing, Information Technology, and Software sectors. He retired in 2020 as Executive Vice President and Group Chief Financial Officer of Mphasis Ltd. Prior to that, he held CFO positions at Servion Global Solutions, AIG Systems, Deutsche Software, and Ramco Systems.

His expertise spans Financial Management, Corporate Finance & Treasury, Direct, Indirect & International Taxation, Risk Management, Business Transformation, Investor Relations, and Strategic Leadership. He is currently associated with SISA Information Security Private Limited as an Independent Director and Chairman of the Audit Committee.

Regulatory Disclosures

The appointment was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Suryanarayanan is not related to any director on the Board of Sasken Technologies. Furthermore, he is not debarred from holding the office of director by virtue of any order of SEBI or any other such authority, as required under relevant BSE and NSE circulars dated June 20, 2018.