On Oct. 29, IND SEBI amended rules on prohibition of insider trading.
SEBI issued (prohibition of insider trading) (second amendment) regulations, 2020.
(Regulations were issued on Oct. 29, 2020, added to Reg-Track on Nov. 9, 2020.)
Amendments
Adds explanation in regulation 7A, sub-regulation (1), clause (h), after sub-clause (iii).
On timeliness of information; if voluntary information disclosure form was received no more than 3 years from first alleged violation of insider trading law being executed.
Substituted the words securities law for insider trading law in parts of schedule D.
Specify details to be included when submitting information on insider trading violation.
Effectiveness
Regulations shall come into force on the date of their publication in the official gazette.
Apr. 2021 Amendment
On Apr. 26, 2021, IND SEBI amended prohibition of insider trading regulations.
SEBI (prohibition of insider trading) (amendment) regulations, 2021 come into force on the date of their publication in the official gazette, which is on Apr. 26, 2021.
Original regulations were amended to omit regulation 7, sub-regulation (1), clause (a).
Nov. 2022 Mutual Funds
On Nov. 24, 2022, IND SEBI issued SEBI (prohibition of insider trading) (amendment) regulations, 2022, in force on publication date in the official gazette, Nov. 24, 2022.
Document dated Nov. 24, received from SEBI Nov. 25, and summarized on Nov. 29.
Amendments to regs 2 and 7A in 2015 regulations and new chapter IIA Restriction on communication in relation to and trading by insiders in the units of mutual funds.
May 2024 Amendment Regulations
On May 17, 2024, IND SEBI issued SEBI (prohibition of insider trading) (amendment) regulations 2024, effective same day, being day of publication in the Official Gazette.
In regulation 2, in sub-regulation (1), within clause (e), after the words non-discriminatory basis and before the symbol “;”, the words and shall not include unverified event or information reported in print or electronic media shall be inserted.
In addition, makes small amendments of an editorial nature to the note thereto.
Document dated May 17, 2024, received from IND SEBI May 21, summarized May 24.
Jun. 2024 Second Amendments
On Jun. 26, 2024, IND SEBI issuedSEBI (prohibition of insider trading) (second amendment) regulations, 2024, effective from 90th day of official gazette (Sep. 24).
Amends the 2015 principal regs, reducing the trading restrictions period to 120 days.
Specifies the parameters such as value of trade to be affected and nature of the trade for trade execution, and introduce procedures for non-implementation of trading plans.
The compliance officer must approve or reject the trading plans within two trading days, and notify approved plan to the stock exchanges where the securities are listed.
In Jul. 2024, IND SEBI proposed amendments to insider trading rules, see #221180.
Regulators
IND CDSL; IND NSD; IND SEBI
Entity Types
B/D; Corp; Depo; Exch; IA
Reference
Reg, OG SEBI/LAD-NRO/GN/2024/184, 6/26/2024; Reg, OG SEBI/LAD-NRO/GN/2024/181, 05/17/2024; OG SEBI/LAD-NRO/GN/2022/108, 11/24/2022; OG LAD-NRO/GN/2014-15/21/85, OG SEBI/LAD-NRO/GN/2021/17, 4/26/2021; OG SEBI/LAD-NRO/GN/2020/38, 10/29/2020
