Tag: Insider Trading
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Due Diligence in Corporate Transactions and Insider Trading Laws
[Posted by Umakanth Varottil] In corporate transactions involving shares of listed companies, the ability to conduct a detailed due diligence is constrained by laws that regulate insider trading. In a paper titled “Due Diligence in Share Acquisitions: Navigating the Insider Trading Regime”, I seek to examine this issue in detail. The abstract of the paper…
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Presumption in Insider Trading
[Posted by Umakanth Varottil] Given the evidentiary problems in insider trading cases, SEBI has resorted to the use of presumptions in its enforcement of the SEBI (Prohibition of Insider Trading) Regulations, 1992. Some of the issues that arose due to this approach have been discussed in the past. These issues have resurfaced more recently in…
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Disclosures under Non-Disclosure Agreements?
[Posted by Umakanth Varottil] 96 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:Calibri;} [The following guest post is contributed by Yogesh Chande and Malek-ul-Ashtar Shipchandler of Shardul Amarchand Mangaldas. Views expressed herein are personal…
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The Satyam Case: Insider Trading and Pledge
[Posted by Umakanth Varottil] [The following guest post is contributed by Shashank Prabhakar, a Senior Associate with Finsec Law Advisors. These are the author’s personal views] The Whole Time Member of SEBI (‘WTM’) recently passed an order against certain relatives of Mr. Ramalinga Raju and entities belonging to the promoter group of Satyam Computers for…
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Pledges in the Context of Insider Trading Regulations – Part 2
[Posted by Umakanth Varottil] [The following guest post is contributed by Vinod Kothari and Abhirup Ghosh of Vinod Kothari & Co. This is the continuation of a previous post available here] Whether a pledge is a case of “dealing”? As discussed in the previous post, the use of the term “deal” or “dealings” in the…
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Pledges in the Context of Insider Trading Regulations – Part 1
[Posted by Umakanth Varottil] [The following guest post is contributed by Vinod Kothari and Abhirup Ghosh of Vinod Kothari & Co.] There are several lurking questions in context of insider trading regulations. The Securities and Exchange Board of India (“SEBI”) on 24 August 2015 issued a Guidance Note on the SEBI (Prohibition of Insider Trading)…
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SEBI’s Interim Measure in an Insider Trading Case
[Posted by Umakanth Varottil] [The following guest post is contributed by Supreme Waskar, who is a corporate lawyer] The securities market regulator, SEBI, has directed Mr. A. Vellayan (Chairman of Coromandel International Limited (“Coromandel”) to surrender unlawful gains along with interest for alleged passing of unpublished price sensitive information (“UPSI”) pertaining to Coramandel’s acquisition of…
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SEBI Circular Directs Companies to Identify Insiders Among Outsiders
[Posted by Umakanth Varottil] [The following guest post is contributed by Vinita Nair and Aman Nijhawan, Vinod Kothari & Company, Practising Company Secretaries] The Securities and Exchange Board of India (‘SEBI’) rolled out the SEBI (Prohibition of Insider Trading) Regulations, 2015 (the ‘Regulations, 2015’) on January 15, 2015 which will come into force on the…
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Insider Trading and the Risks of Due Diligence Access
[Posted by Umakanth Varottil] [The following post is contributed by Aparna Ravi, a researcher at the Centre for Law and Policy Research, Bangalore and previously a capital markets lawyer in London. She can be contacted at aparna.ravi@clpr.org.in She presents an interesting critique of the new SEBI insider trading regulations on matters relating to due diligence set in…