SEBI lays down a framework to curb inadvertent trades by designated persons
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- Last Updated on 8 August, 2022
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CIRCULAR No. SEBI/HO/ISD/ISD-SEC-4/P/CIR/2022/107 05.08.2022
SEBI has asked exchanges/depositories to develop a system wherein PAN of a Co.’s designated persons (DP) can be frozen for a specific period to curb inadvertent trades during the trading window closure. Now, the designated depository will provide access to a listed Co. on a portal specifying trading window closure period. The portal will auto-populate details of DPs like PAN and name. The listed Co. will update PAN of DPs to be frozen and “start and end date” of trading window closure period.
To begin with, the provisions of this circular shall be applicable to declaration of financial results of the listed company that is or was part of benchmark indices i.e. NIFTY 50 and SENSEX from the date of implementation of this circular. Said SEBI
Further, to begin with, the restriction on trading shall be for on-market transactions, off-market transfers and creation of pledge in equity shares and equity derivatives contracts (i.e. Futures and Options) of such listed companies. This circular shall come into force with effect from the quarter ending September 30, 2022
Click Here To Read The Full Circular
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