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May 21, 2024

Amendment to SEBI – PIT Regulations! - MMJC

Securities and Exchange Board of India vide its notification dt: May 17, 2024 notified amendment to SEBI (PIT) Regulations, 2024. This amendment is effective from May 17, 2024. Below is the comparison of old vs new provision:

Old provision New provision
(e) “generally available information” means information that is accessible to the public on a non-discriminatory basis;       NOTE: It is intended to define what constitutes generally available information so that it is easier to crystallize and appreciate what unpublished price sensitive information is. Information published on the website of a stock exchange, would ordinarily be considered generally available.(e) “generally available information” means information that is accessible to the public on a non-discriminatory basis and shall not include unverified event or information reported in print or electronic media;   NOTE: It is intended to define what constitutes generally available information so that it is easier to crystallize and appreciate what constitutes unpublished price sensitive information is. published on the website of a stock exchange, would ordinarily be considered generally available.

With effect from May 17, 2024 to have a defense that an information is generally available information two criteria need to be fulfilled:

  1. The information is available on non-discriminatory basis
  2. Information or event is verified by the listed company

It needs to be now assessed if this verification is linked to reg. 30(11) and applicable only to event or information that leads to material price movement or it is relating to all events or information pertaining to listed entity?