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In the labyrinth of insider trading regulations, the inception of Unpublished Price Sensitive Information (UPSI) serves as a critical focal point, yet its determination is far from straightforward and varies markedly from case to case. While conventional wisdom often ties UPSI’s genesis to the closure of the trading window, a deeper understanding reveals a more

Introduction With the increased globalization, India Inc. has become as dynamic as never before. As a result, various regulators are working in tandem with each other to bring ease of doing business and making the life of India Inc. easy. In this article, we shall try to understand the Securities and Exchange Board of India

Background Regulation 24A of Securities Exchange Board of India (Listing obligation and disclosure requirement) regulation 2015 (‘SEBI LODR’) mandates listed companies to whom corporate governance provisions are applicable to submit Annual Secretarial Compliance Report (‘ASCR’) within 60 days of the end of the financial year to stock exchanges where shares of company are listed. The

Background: Unpublished Price Sensitive Information [‘UPSI’] is any event or information which when publicly available would affect the price of the securities of the company materially. Certain events or information undertaken by listed entities require approval of regulators or financial institutions or third-party approvals under contractual arrangement. These approvals are sometimes taken post approval of

Introduction Securities and Exchange Board of India [‘SEBI’] had released a consultation paper dt: November 12, 2022, inter-alia proposing to mandate disclosures pertaining to senior management. The objective behind mandating disclosures pertaining to senior management was that since the details of senior management were required to be disclosed at the time of filing of public

Introduction: Para B, Part A, of Scheule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’) listed companies are required to disclose to the stock exchanges about the ‘Pendency of any litigation (s) or dispute (s) or the outcome thereof which may have an impact on the

Background: Securities and Exchange Board of India (Prohibition of Insider Trading), Regulations 2015 [‘SEBI PIT’] does not specify whether trading of designated persons and their immediate relatives needs to be tracked post their resignation. Securities and Exchange Board of India [‘SEBI’] in their FAQs dt: March 31, 2023[1] has at FAQ no. 48 stated that,

Introduction: Compliance Officer under Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [‘PIT Regulations’] is responsible for administering the code of conduct and other requirements under these regulations[1]. The Model Code of conduct as per PIT Regulations states that compliance officer would be responsible for closure of trading window, granting pre-clearance,

Introduction As per schedule III, Part A, Para A, Point 1 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [‘SEBI LODR’] disclosure of acquisition including incorporation of subsidiary, increase in stake of subsidiary etc needs to be disclosed to stock exchanges. It has been observed that many listed companies

Background: UPSI means any information that is likely to materially affect the price of the securities of the company[1]. It is important to identify and track UPSI within the organisation to comply with provisions of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [‘SEBI PIT’] in that regard. Also, persons in