Changes to the insider trading regime in India have been in the offing for quite some time now, and were the subject-matter of a report under the chairmanship of Justice N.K. Sodhi. Yesterday, SEBI notified the SEBI (Prohibition of Insider Trading Regulations), 2015 that take into account the committee’s recommendations as well as the subsequent public consultation. We will have the opportunity to discussion specific aspects of the new regulations in due course.
The new regulations are said to come into force on the 120th day from the date of its publication in the official gazette (May 15 or so). One minor quibble relates to why SEBI could not have stipulated a specific date rather than leave it for calculation and possible difficulties in interpretation.