Sebi seeks suggestions from public on insider trading norms
PrintListen to this Article
Seeking to overhaul two-decade old set of rules for insider trading in the stock market, Sebi today said it has decided to seek inputs from the general public for drafting the new regulations in this regard.
The public inputs and suggestions have been invited on various aspects of the issue, including on the people and entities that could be considered insider and the level of punishments for violations by insider entities.
The decision to seek public comments has been taken by a high-level committee set up by Sebi last month to review the its Prohibition of Insider trading (PIT) Regulations, 1992 and to recommend suitable amendments.
The first meeting of the High Level Committee to review the PIT Regulations was held on April 12, 2013, Sebi said.
"As part of a consultative process in the exercise of reviewing this significant piece of legislation, the High Level Committee has decided to seek inputs and suggestions from the public, at the outset, on any aspect of the PIT Regulations, which in their opinion may merit a review," it said in a statement.
The regulator said that two decades have passed since the PIT Regulations were notified and there have been several amendments to it since then and "judicial paradigm through case laws have also evolved in India".
"There have been various prominent judgements by Supreme Court, various High Courts and the Securities Appellate Tribunal that have further clarified and redefined the scope and applicability of the PIT Regulations," it added.
These developments, according to Sebi, have given rise to the need to "review and realign the PIT Regulations" and to ensure that they reflect the best practices adopted globally.
Sebi has sought inputs and suggestions from the public in a specific format, available on its website, while detailing the top of the suggestion, changes suggested on it and the reasons for proposing this suggestion.
Sebi said the public can send suggestions and inputs by May 16, 2013.
The 16-member high level committee is headed by N K Sodhi, retired Chief Justice of Karnataka High Court and Former Presiding officer of the Securities Appellate Tribunal.
Some of its other members are Darius Khambata, Advocate General of Maharashtra, Rajeev Luthra, Managing Partner at Luthra & Luthra Law Offices, Larsen & Toubro Chief Executive Officer (CEO) and Managing Director(MD) K Venkataramanan, SBI Capital Markets's MD and CEO Arundhati Bhattacharya.
Besides, two journalists - Mobis Philipose of HT Media Ltd and Menaka Doshi of CNBC TV 18 - are also members of the committee. (Business Standard)
Category : SEBI | Comments : 0 | Hits : 252
A financial influencer, also known as finfluencer, who was also involved in imparting training related to stock market trading has been asked to part with a little over ?12 crore, which it made unlawfully. The funds are to be credited or deposited by Ravindra Balu Bharti into an interest-bearing escrow account that has been set up in a nationalised bank especially for that purpose. The regulator stated in an order that the escrow account(s) would establish a lien in favour of SEBI and that th...
The Securities and Exchange Board of India (Sebi), the country's market regulator, has announced the launch of an optional same-day (T+0) settlement cycle for a select group of 25 stocks starting March 28, as per a circular published on its website last Thursday. This new initiative, referred to as the beta version, is set to coexist with the traditional next-day (T+1) settlement cycle, where trades are settled within 24 hours of execution. The T+0 settlement option will be available for ...
Capital markets regulator Sebi on Thursday slapped a fine of Rs 48 lakh on eight entities, including promoters of United Polyfab Gujarat Ltd (UPGL), for manipulating the share prices of the company. These entities have to pay the penalty jointly and severally within 45 days, as per an order. The order came after Sebi conducted an investigation of UPGL and trading by certain entities in the scrip of the company, to ascertain whether there was any violation of the provisions of the PFUTP (Pr...
Sebi alerts investors about the growing trend of unregistered entities falsely claiming Sebi registration and offering unrealistic returns. Investors are advised to verify the registration status and consider the inherent risks associated with high-return investments. The Securities and Exchange Board of India (Sebi) has issued a warning to investors, cautioning them against investing money with unregistered entities that promise assured or exceptionally high returns on investments. This advi...
Capital markets regulator Sebi on Thursday issued orders of action against 15 guest experts of the Zee Business channel for unlawful trading. The entities made unlawful gains to the tune of Rs. 7.41 crore from such trades and the profit was shared with guest experts as per prior understanding, Sebi noted. The market regulator also asked the guest experts to pay Rs.7.41 crore. The guest experts appeared on the Zee Business channel from 1 February 2022 and 31 December 2022. "The facts of t...
Comments