Insider Trading

Portfolio Managers Beware

SEBI recently clarified that trades executed by entities in possession of unpublished price sensitive information, even if done indirectly through discretionary portfolio management schemes (DPMS), will be in violation of the SEBI (Prohibition of Insider Trading) Regulations, 2015. HDFC Bank had sought SEBI’s views on (i) whether an employee of the bank or his relatives,…

Clarification on exercise of options / applicability of contra-trade norms, etc. in light of SEBI (Prohibition of Insider Trading) Regulations, 2015

The contra-trade rule under Clause 10, Schedule B of the Model Code of Conduct under the SEBI (PIT) Regulations, 2015, prohibits a person from entering into an opposite transaction in securities within six months of having sold/bought securities. Given the broad definition of trading under the PIT Regulations, 2015 and the absence of any exemption…

Insider Trading Regulations, 2015

SEBI released the much awaited SEBI (Prohibition of Insider Trading) Regulations, 2015 (“2015 Regulations”) which restructures the existing legal regime on the prohibition of insider trading. The following table highlights some of the significant changes in the 2015 Regulations vis-à-vis the SEBI (Prohibition of Insider Trading) Regulations, 1992 (“1992 Regulations”) and contains a brief analysis…

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