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SEBI has brought about a wide range of regulatory amendments in recent years for the Prevention of Insider Trading (PIT). As we all are aware, insider trading is considered a serious offense as it breaches the interest of the stakeholders in a free and fair capital market.
Despite its severe consequences, violations of insider trading norms and leakage of Unpublished Price Sensitive Information (UPSI) have been increasing in the past. To regulate the same, SEBI introduced important changes wef 17 July 2020, for easy identification of market manipulations and to ensure fair and level playing in the Indian Capital Market.
Insider trading compliance management requires careful maintenance of the Structured Digital Database with appropriated information of the DP. To make the compliance process easy, an insider trading compliance tool comes into the picture by providing a range of features, some of which have been mentioned below:
Though the above requirement of a structured digital database was introduced over 2 years ago, it seems that many listed companies are still not complying with it properly. Keeping the required information in excel or word or a manual book is not sufficient compliance. Moreover, wef August 4, 2022, it is mandatory for the Compliance Officer of a Listed Company to file a Compliance Certificate regarding the maintenance of such database. Any non-compliance shall result in a penalty which shall not be less than Rs. 10 lacs but which may extend to Rs. 25 cr or 3 times the amount of profits made out of insider trading, whichever is higher. (Section 15G of SEBI Act, 1992).
In view of the above, immediate compliance with the said requirement is the need of the hour. For more details or assistance, contact us at +91 7303393220 or email us at email@example.com