Gupta was convicted of passing confidential information.
His prison term is set to end on March 2016.
Former Indian American Goldman Sachs director Rajat Gupta is facing trial in one of the most high profile cases of insider trading in the US that will likely see investment guru Warren Buffet and Arcelor Mittal Chairman Lakshmi Mittal as potential witnesses.
Rajat Gupta had made the request to travel to India in February.
Gupta was convicted of passing confidential information.
Gupta's two-year prison term is set to end in March 2016.
The Indian Institute of Technology and Harvard educated former McKinsey head is one of the most prominent Wall Street titans to be charged by fellow Indian and Harvard alumnus Bharara.
The two bigger takeaways from this case for Indian regulators and enforcement agencies are the speed and efficiency with which it was concluded.
Will Judge Jed Rakoff be swayed by the former Goldman director's influential well-wishers or will he deliver stiffer punishment?
She was also ordered to pay $1.5 million in forfeiture.
The bank charged with helping US taxpayers hide $1.2 bn in offshore bank accounts
Jailed hedge-fund founder Raj Rajaratnam has agreed to pay $1.45 million to settle a civil lawsuit filed by US regulator SEC against him and India-born former Goldman Sachs director Rajat Gupta for their roles in one of the largest insider-trading schemes in US history.
US District Judge Jed Rakoff had set as October 18 the date for sentencing Gupta after the ex-McKinsey head was found guilty by a jury here of passing confidential company information to Rajaratnam.
The 15-page judgment is amazingly lucid, elegant and balanced.
Gupta, 63, read from a prepared statement for six minutes before being sentenced.
No one knows what Rajat Gupta gained from leaking insider information to Raj Rajaratnam. The irony is that he did not make any money.
A criminal case was filed against Gupta by the United States Attorney's Office on October 26, 2011 for insider trading.
Showing lenience and also appreciation for his humanitarian work, Judge Jed S Rakoff of the Federal District Court in Manhattan handed a two-year prison term to Rajat Gupta, former head of McKinsey and Co and also a former director of Goldman Sachs and Proctor and Gamble for leaking insider information.
Also to be questioned under oath by lawyers of the SEC and Gupta is Greg Ormond of Exemplar Wealth.
The US government has asked a court in New York to slap a maximum penalty of $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading.
His prison, at Otisville, figures in Forbes 2009 list of the 10 cushiest prisons in the US.
The judge said the evidence that Gupta passed illegal information about Goldman Sachs to now-jailed hedge fund founder Raj Rajaratnam was not only overwhelming, it was disgusting in its implications.
The move came two days after the lawyer said it was 'highly likely' that Gupta would take the witness stand in his trial.
A support group for Gupta, known as 'Friends of Rajat', has urged his 'friends and well-wishers' to submit letters of support, in which they should write about Gupta's life and work.
The trial of former Indian-American Goldman Sachs director Rajat Gupta began in New York on Monday in what is the most high profile case of insider trading in US history.
An Indian-origin former analyst has been accused of providing confidential company information in the Raj Rajaratnam-led insider trading scheme, has been fined $34 million for his role in the scheme.
Gupta's lawyer Gary Naftalis submitted in a Manhattan court on Tuesday his list of 10 witnesses he would 'most want to depose on behalf of Gupta.'
A US judge has ordered disgraced billionaire Raj Rajaratnam to pay over USD 92 million as penalty in the insider trading case filed against him by the US financial regulator, saying the "huge and brazen nature" of his fraud "cries out" for such an unprecedented fine.
The Gupta case is SEC v. Gupta, US District Court, Southern District of New York, No. 11-07566.
India is likely to appeal against the decision of a US court upholding imposition of $ 42.4 million property tax on it by the city for using the United Nations Mission's building in New York for residential purposes.India has been arguing that tax cannot be levied as the diplomatic staff, which occupies the 20 floors of building in midtown Manhattan across the United Nations headquarters, is exempt from tax.
Gupta, 66, is currently serving his prison term.
Gupta lost his final bid to avoid reporting to jail after the US Supreme Court last week denied his application to remain free on bail while his insider trading case is reheard.
He will now have to submit to the two-year jail term handed down to him.
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