SEBI widens scope of connected persons, relatives under insider trading norms
This story was originally published at 06:00 IST on 1 October 2024
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--SEBI widens scope of connected persons, relatives in insider trading norms
MUMBAI – The board of the Securities and Exchange Board of India has approved an amendment to the insider trading regulations to widen the scope of connected persons and immediate relatives with regard to access to unpublished price sensitive information of listed companies. A person sharing household or residence with a connected person will also be counted as a connected person. If a connected person is a partner in an entity then that entity and its employees will also be counted as connected persons.
SEBI is also changing the provision relating to person deemed as connected person to make it applicable to any relative instead of an immediate relative. Further, a definition of relative will be inserted into the regulations to mean spouse of a person, parent of the person or spouse, sibling of the person or spouse, and child of the person or spouse. SEBI said these amendments were necessary to facilitate effective investigation and enforcement against insider trading. End
Reported by Rajesh Gajra
Edited by Ashish Shirke
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