Insider Trading Regulations: Who is Liable for What Under the New SEBI Rules? A Checklist
CS Nikita Snehil 09 January 2019
On 31 December 2018, the Securities & Exchange Board of India (SEBI) rationalised the insider trading regulations by segregating the responsibilities of the listed entities, intermediaries and the fiduciaries in line with the recommendations made by the TK Vishwanathan Committee on fair market conduct. The amendments take effect from 1 April 2019. Considering it leaves fewer than 90 days in hand, it is crucial to understand the ‘to do compliances’ for each entity, especially as regards the unpublished price sensitive information (UPSI). Here is a list of actionables for listed companies and the intermediaries including fiduciaries for ready reference.
 
 
(The author works in the corporate law division of Vinod Kothari & Company.) 
 
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