Immediate Relative for the purpose of Insider Trading Regulations means a Spouse of a person and includes parents, sibling and child of such person or of the spouse any of whom is either dependent financially on such person, or consults such person in taking decisions relating to trading in securities.
In a guidance note issued on Monday, the Securities and Exchange Board of India (Sebi) clarified that under the Sebi (Prohibition of Insider Trading) Regulations, 2015, a spouse is presumed to be an “immediate relative" unless the company official is able to prove otherwise.
Regulation 9(4) (iii) specifies that all promoters of listed companies and promoters who are individuals or investment companies for intermediaries or fiduciaries shall be included as designated person.
Designated Person and Immediate Relatives:
9.1 SEBI Regulations specifies that all Promoters of Listed Companies and Promoters who are Individuals or Investment Companies for Intermediaries or Fiduciaries shall be included as Designated Person.
The definition of a “connected person”vi under the Existing Regulations means (i) a director or any person deemed to be a director of a company, or (ii) officer, employee or any person who holds a position involving a professional or business relationship between himself and the company who may reasonably be expected ...
Definition of connected person
However, a connected person includes a spouse (or civil partner) and any relative (which includes brother, sister, ancestor (e.g. grandparent) or lineal descendant (e.g. son or daughter)).
(i) any person who is or has during the six months prior to the concerned act been associated with a company, directly or indirectly, in any capacity including by reason of frequent communication with its officers or by being in any contractual, fiduciary or employment relationship or by being a director, officer or an ...
Designated Person(s) includes the promoters; directors; key managerial personnel; auditors; all employees and support staff of the Accounts, Finance, Legal, Internal audit, Information technology and Secretarial Department; Key Managerial Personnel of the material subsidiary of the Company; Secretaries/Executive ...
The Designated Person(s) is responsible for the monitoring and oversight of the managerial function assigned to them and in general, based in Ireland. They are also responsible for the management of the fund management company on an on-going basis.
(1) The Chief Executive Officer, Managing Director or such other analogous person of a listed company, intermediary or fiduciary shall put in place adequate and effective system of internal controls to ensure compliance with the requirements given in these regulations to prevent insider trading.
Regulation 3 of SEBI (PIT) Regulation 2015 deals with communication or procurement of unpublished price sensitive information (UPSI). ... Every listed company has to disclose events or information which is material in nature. Companies prepare a materiality policy to determine such events or information.
Contra Trade . ... Contra Trade means a Trade or transaction which involves buying or selling any number of shares of the Company within 6 (six) months of Trading or transacting in an opposite transaction involving selling or buying of the shares purchased or sold, as the case may be.
Persons aggrieved by an order of the SEBI passed under the SEBI Act can prefer an appeal to the Central Government under section 20 of the SEBI Act.
You are an immediate relative if you are: The spouse of a U.S. citizen; The unmarried child under 21 years of age of a U.S. citizen; or. The parent of a U.S. citizen (if the U.S. citizen is 21 years of age or older).
The more infamous form of insider trading is the illegal use of non-public material information for profit. It's important to remember this can be done by anyone including company executives, their friends, and relatives, or just a regular person on the street, as long as the information is not publicly known.
1[15G. Penalty for insider trading.-- If any insider who,
shall be liable to a penalty 2[which shall not be less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher].]
Designated persons must: Carry out risk assessments in respect to their business. Apply customer due diligence (for example, identify customers or beneficial owners), Report suspicious transactions to An Garda Síochána (the Financial Intelligence Unit) and the Revenue Commissioners, and.
While a charity is unlikely to be a designated person for AML/CFT purposes, it could be subject to AML/CFT measures when engaging with a designated person.
In India, insider trades are regulated by SEBI under its 2015 Insider Trading Regulations. SEBI can impose fines and debar individuals/entities from trading in the market if found in violation of these rules. ... If such trades are disclosed to the stock exchanges as per SEBI rules, it isn't illegal.
The Regulations passed by the Securities Exchange Board of India i.e., SEBI (Prohibition of Insider Trading) (Amendments) Regulations, 2018, are applicable mainly to “dealing in securities” which involves “buying, selling or agreeing to buy, sell or deal in any securities by any person either as principal or agent, by ...
Despite the Trading Window being open, Designated Persons or their Immediate Relatives would only be allowed to Trade subject to the conditions specified in Clause 8 below and provided that they are not in possession of any Unpublished Price Sensitive Information at the time they carry out the transaction.
Persons shall be deemed to be related if they fall under any of the categories below: Officer or director of one business is the officer/ director of another business. Businesses legally recognised as partners. An employer and an employee.
Insider, according to the regulations, is a person who is either a Connected Person or a person in possession of UPSI. A Connected Person is one who has a connection with the company that is expected to put him in possession of UPSI. Some examples are auditors, investment bankers, consultants, law firms, etc.
For the purposes of the Insolvency Act 1986, persons connected with the company are directors, shadow directors, associates of such directors or shadow directors and associates of the company (section 249, Insolvency Act 1986).