India:
Standardized Reporting Of Violations Of Insider Trading Codes Of Conduct
28 October 2019
AZB & Partners
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SEBI has, through circular dated July 19, 2019, prescribed a
standardized format for reporting violations of codes of conduct
under the PIT Regulations. Under this format, SEBI requires
reporting of details such as (i) the designation and functional
role of the designated person involved; (ii) whether the designated
person is a part of the promoter / promoter group; (iii) details of
the violation and action taken (including reasons for such action);
(iv) details of previous violations since the last financial year.
SEBI has further directed all listed companies, fiduciaries and
intermediaries to maintain a database of violations of the code of
conduct and reiterated that the relevant organizations are
empowered to, and must, take appropriate action in respect of such
violations.
Originally published September 30, 2019.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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