Insider Trading: A Confused Watchdog?
Avimukt Dar, PARTNER AND Kriti Bhatia, ASSOCIATE, INDUSLAW, PUBLISHED ON MONDAQ.COM, July 2015

Historically, regulating insider trading has been the exclusive domain of the Securities Exchange Board of India ("SEBI"). This is in line with the regulatory approach witnessed in most jurisdictions around the world. In consonance with the modern regulatory approach, SEBI not only acts as a watchdog, but it is also empowered to constantly fine tune the rules and guidance in relation to insider dealing.

 
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"Mens Rea" In Insider Trading – A "Sine Qua Non"?
Suneeth Katarki, PARTNER AND Namita Viswanath, SENIOR ASSOCIATE, INDUSLAW, PUBLISHED on mondaq.com, June 2015

There is no uniform or consistent definition of an 'insider' among the securities regulatory authorities of the world's major financial economies. An insider (in context of insider trading in securities) is anyone who has privileged access to material price sensitive non-public information of the company due to some special relationship, and could be the director, corporate executive, lawyer, banker, accountant or a major shareholder.

 
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New insider trading regulations: wouldn’t less be more?
NISHANT SINGH, PARTNER AND VAIBHAV GANJIWALE, ASSOCIATE, INDUSLAW, PUBLISHED ON VCCIRCLE.COM, MAY 2015

With effect from May 15, 2015, the new insider trading regulations, notified by the Securities and Exchange Board of India (SEBI) have come into force. The SEBI (Prohibition of Insider Trading) Regulations, 2015 (New Regulations) will replace the SEBI (Prohibition of Insider Trading) Regulations, 1992 (Old Regulations). The need for bringing in the New Regulations could well be understood from the fact that more than two decades have passed since SEBI issued the Old Regulations. More important than the time period, are the changes that listed companies in India, the stock markets and the Indian economy as a whole have undergone since 1992.

 
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A Critical Appraisal of the General Order
Kartik Ganapathy, Partner and Pallavi Kanakagiri, Associate, INDUSLAW, published in Lex Witness, December 2012

The erstwhile Controller of Capital Issues (“CCI”), in an attempt to ensure good quality offerings, used to determine the amount vis-à-vis issues that could be raised, and the price at which the securities ought to be priced. The CCI controlled access to the capital markets and at that time, issues also depended on the ability of the issuers and merchant bankers to convince the CCI of the issue. The CCI was abolished in 1991 through a Presidential Ordinance. The abolition of the CCI was the precursor to the move to a disclosure based system overseen by SEBI for capital markets. Under the CCI, the completeness of disclosure seemed not to be paramount because it seemed to decide what was right for the market

 
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