This book exhaustively analyses and comments on the SEBI (Prohibition of Insider Trading) Regulations, 2015. It is the most extensive piece of literature on insider trading in India, and covers nearly 1,000 Indian and foreign cases. It also examines market practice and suggests good practices for securities market participants. Importantly, it also addresses the recent amendments to the PIT regulations in December 2018 and January 2019.
It not only caters to securities law practitioners and litigators, but will also prove to be useful to compliance personnel in listed companies, intermediaries and fiduciaries. Of particular use to securities law practitioners, is an appendix to the book which contains a summary of all informal guidance issued by SEBI relating to insider trading (under the erstwhile 1992 regulations as well the current regulations). Chapter 9 is dedicated to compliance requirements of the model codes of conduct and fair disclosure) under the PIT regulations, which compliance personnel may refer to for practical guidance. The book also examines in detail, global jurisprudence and good practices for establishing Chinese Walls – a topic on which Indian literature is negligible.
It has been described as a pioneering work and a sine qua non for anyone engaged in the field of securities regulation, whether a student, academic or practitioner.
Armaan’s book provides a welcome guide to the law and practice of insider trading regulation in India. It provides easy reading, flows logically, and will certainly form a very useful source of well thought material for both practitioners and students.
Founder and Managing Partner
AZB & Partners
The book is a worthy and perceptive legal commentary on the SEBI (Prohibition of Insider Trading) Regulations, 2015. It covers the legislative and policy backdrop of insider trading regulations in India and meticulously traces the important milestones over the years. The book also contains an insightful analysis of relevant laws in other jurisdictions helping the reader draw learnings from a comparative perspective. It will be of immense use for students, practitioners and researchers in understanding and interpreting a complex area of law.
—Shri U.K. Sinha
Securities and Exchange Board of India
While insider trading law in India has undergone a rapid transformation in the last couple of decades, a systematic analysis of the legal regime has been rather elusive. This book performs, and that too admirably, the task of filling that important gap. It represents a comprehensive account of insider trading law in India, but set elegantly in the context of global developments. It combines jurisprudential analyses with a study of practical implications. It is a sine qua non for anyone engaged in the field of securities regulation, whether a student, academic or practitioner.
Faculty of Law, National University of Singapore
This book is a pioneering work that will be useful to academics and practitioners globally as a handbook for Indian insider trading law especially how it is similar to, and more importantly, how it differs from global practice.
1. An Introduction to Insider Trading 2. Development of Insider Trading Regulation 3. Legislative and Regulatory Framework in India 4. Insiders 5. Unpublished Price Sensitive Information 6. Other Definitions and Interpretation 7. Prohibition on Insider Trading 8. Communication of UPSI 9. Compliance Requirements 10. Enforcement
1. SEBI Informal Guidance Letters Relating to Insider Trading
2. Report of the High Level Committee to Review the SEBI (Prohibition of Insider Trading) Regulations, 1992