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Upsurge in list of UPSI | SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2025

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– Pammy Jaiswal and Payal Agarwal | corplaw@vinodkothari.com

Pursuant to SEBI (Prohibition of Insider Trading) Amendment Regulations, 2025, SEBI has amended UPSI definition, effective from June 10, 2025 inserting a longer list of information, some of which may seem purely operational or business-as-usual for listed companies. Several questions arise: Whether each of this information will be regarded as “deemed UPSI”, thereby requiring compliance officers to do the drill of structured digital database entry to even trading window closure every time such an event occurs? What are the immediate actionables on the company? Whether the list of UPSI gets restricted only to the prescribed events or has to be tested for price sensitivity?

In this video, Ms. Pammy Jaiswal and Ms. Payal Agarwal discuss and analyse the scope of amendments, what it means for listed entities and the actionables that follow:

See our other resources at Prohibition of Insider Trading – Resource Centre

Recent regulatory developments for listed entities – critical changes under LODR and PIT Regulations

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Introduction to SEBI (Prohibition of Insider Trading) Regulations

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– Vinita Nair & Aisha Begum Ansari | corplaw@vinodkothari.com

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Workshop on Insider Trading Framework for Mutual Funds

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Click here to register for the workshop – https://forms.gle/hFtagsmfBMpcgkP28
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Read our article on “Mutual Fund units now under the net of insider trading regulations“

Read our FAQs on “Insider Trading Framework for Mutual Funds“

Our PIT Resource Centre can be accessed here

FAQs on Insider Trading Framework for Mutual Funds

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– Team Corplaw | corplaw@vinodkothari.com

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Also read our article on “Mutual Fund units now under the net of insider trading regulations“

Our PIT Resource Centre can be accessed here

Mutual Fund units now under the net of insider trading regulations

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Effective November 1, 2024; numerous actionable for Asset Management Companies

Vinita Nair | Senior Partner, Vinod Kothari & Company

Updated as on October 23, 2024

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Refer to our related resources below:

  1. DPs to furnish periodic & continual disclosures for units of its own mutual fund to AMC
  2. FAQs on Insider Trading Framework for Mutual Funds
  3. Prohibition of Insider Trading – Resource Centre

Workshop on Structured Digital Database for Insider Trading: Preparing for the Compliance Certificate

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In view of the overwhelming response received for this session, we are announcing a repeat session on 15th November, 2022.

Click here for details.

Click here to register for the workshop – https://forms.gle/JgWXqp2JJUBX4wPm8
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The essence of mens rea in insider trading

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Supreme Court contradicts its previous ruling while considering the ‘intent’ in insider trading

– CS Aisha Begum Ansari | aisha@vinodkothari.com

Insider trading means dealing in the securities of the listed company on the basis of unpublished price sensitive information (‘UPSI’), thereby gaining an unfair advantage over the market. A person guilty of insider trading is punishable with a monetary penalty[1] under section 15G of the SEBI Act, 1992 (the ‘Act’). Further, under section 24 of the Act, SEBI can punish a person with imprisonment of upto Rs. 10 years or with a fine of upto Rs. 35 crores or both for violation of the Act and its regulations.

Read more →

SEBI: Insider trading norms should apply to fund managers

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Additionally invites comments on the applicability in case of units of pooled investment vehicle

Vinita Nair | Senior Partner, M/s Vinod Kothari & Company

Insiders, Connected Persons, and Designated Persons: Demystifying the Quandary of ‘Insider’ Trading Terms

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– Sikha Bansal, Partner, Vinod Kothari & Company (sikha@vinodkothari.com)

Securities law in India, as in most other countries in the world, prohibits ‘insider trading’ and seeks to impose
stiff penalties including custodial sentence to ‘insiders’ who violate insider trading norms – relevant provisions
are contained in section 12A and section 15G of the Securities and Exchange Board of India Act, 1992. The
SEBI (Prohibition of Insider Trading) Regulations, 2015 (‘Regulations’), which succeeded the erstwhile 1992
regulations, have been framed by SEBI to provide for a detailed framework for the same. It may be noted that,
while the Regulations broadly put a restriction on insider trading, the focus is on certain specific insiders –
specified to be ‘designated persons’ – whose trading in securities of the listed company is sought to be
“regulated, monitored and reported” in a certain manner and the ‘connected persons’.

The article has been published in August, 2021 edition of ICSI Chartered Secretary journal and can be read here, from Page 70 onwards.