Listed Indian firms' employees, including foreign nationals, are required to follow the code of conduct while trading in American Depositories Receipts and Global Depositories Receipts, capital market regulator Sebi said on Monday.

Trading in such depository receipts is covered under the Prohibition of Insider Trade (PIT) Regulations, Sebi clarified.

"For such disclosures by such designated persons, a unique identifier analogous to PAN may be used," the regulator said in a list of frequently asked questions on PIT Regulations.

Further, the capital markets regulator said that a firm upon resignation of designated person, should make efforts to update address and contact details of such designated persons for one year after resignation and should preserve the data for five years.

In case the designated person is a fiduciary or intermediary, the company shall maintain its name, permanent account number (PAN) or other unique identifier in its digital database.

The fiduciary or intermediary, in turn, shall maintain a list of persons and their PAN with whom they have shared the unpublished price sensitive information of the firm.

The regulator has also clarified that no pre-clearance is required for exercising employee stock options. #casansaar (Source - PTI, Business Standard)