Amendment to SEBI (PIT) Regulations - MMJC

Securities and Exchange Board of India (SEBI) vide its notification dt: 26 April 2021 has amended Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [PIT 2015/PIT regulations]. Vide this amendment SEBI has omitted Regulation 7(1)(a) of PIT 2015.

Prior to amendment Regulation 7(1)(a) of PIT 2015 read as follows, “Every promoter, member of the promoter group, key managerial personnel and director of every company whose securities are listed on any recognised stock exchange shall disclose his holding of securities of the company as on the date of these regulations taking effect, to the company within thirty days of these regulations taking effect;

Regulation 7(1)(a) of PIT 2015 warranted disclosure by to company within thirty days of PIT 2015 coming into effect. This disclosure was to be given by Promoter, Promoter Group, key managerial personnel and director of every company whose securities are listed on stock exchange.  This disclosure was relevant when PIT 2015 came into effect.

Now compliance under this Regualtion 7(1)(a) of PIT 2015  are no more warranted. Omission of Regulation 7(1)(a) of PIT 2015 does not trigger any actionable on the part of listed companies.

Copy of the amendment can be accessed at below mentioned link:https://www.sebi.gov.in/legal/regulations/apr-2021/securities-and-exchange-board-of-india-prohibition-of-insider-trading-amendment-regulations-2021_49947.html