SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018

SEBI has widened the scope of existing insider laws of the Country by notifying the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018 which shall come into force on April 01, 2019. The amendments includes defining of term 'Proposed to be listed', Omission of material events in accordance with listing agreement from the definition of unpublished price sensitive information, Implementation of policy w.r.t. sharing of UPSI for “legitimate purposes”, Setting and maintaining of Structured Digital Database, Expanding the ambit of exclusions pertaining to trading while in possession of UPSI, Mandatory reporting of Inter – se transfer between insiders while in possession of UPSI, Clarification w.r.t. filing continual disclosures from employee to designated persons, Widening the scope of Code of conduct for Listed Companies, Intermediaries and other persons, Review of Internal Control system by the Audit Committee, Enforcing whistle blower policy for tightening the norms of leak / suspected leak of UPSI and reporting thereof. Further, SEBI has notified the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (Last amended on December 31, 2018) for the benefit of the stakeholders.