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A collection of 15 issues

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SEBI's 2025 PIT Amendment: UPSI Expands to 16 Categories, Plus SDD and Trading Window Changes

Source: Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2025 — SEBI/LAD-NRO/GN/2025/235, notified in the Gazette of India on March 11, 2025, coming into force on the ninetieth day after publication (i.e., June 9, 2025). This is the most substantive change

Casting a Wider Net: SEBI's December 2024 Redefinition of 'Connected Person' and 'Relative'

Source: Securities and Exchange Board of India (Prohibition of Insider Trading) (Third Amendment) Regulations, 2024 — SEBI/LAD-NRO/GN/2024/215, notified in the Gazette of India on December 4, 2024, effective the same day. Why this amendment matters Everything in the PIT Regulations — disclosure, pre-clearance, contra-trade, trading

Kunal Kashyap v. SEBI: How Frequent Communication Became Evidence of Insider Trading

Source: This article is based on SEBI's original order dated July 8, 2021 in the matter of Mr. Kunal Kashyap and Allegro Capital Pvt. Ltd. (Biocon Ltd.), and on the Securities Appellate Tribunal's subsequent ruling upholding that order, as analyzed in "Redefining Insider Trading? Unpacking

Four SEBI Orders From 2025: What Recent Insider Trading Enforcement Actually Penalizes

Source: This roundup is based on four SEBI adjudication orders issued between August and December 2025 — Mastek Ltd., Swan Energy Ltd., Nucleus Software Exports Ltd., and Refex Industries Ltd. — read directly from the published orders. Why a roundup, and why these four together Reading a handful of adjudication orders side

SEBI's Trading-Related FAQs: What Actually Counts as 'Trading' Under PIT Regulations

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section A, "Trading Related" (Q.1–Q.4). Why this section matters Before any of the machinery of the PIT Regulations — pre-clearance, trading windows, contra-trade — can apply, you need a settled

SEBI's FAQs on Pledging Shares: Bona Fide Defense, Valuation, and Form C Reporting

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section C, "Pledge" (Q.13–Q.15). Why this section matters Having established (Section A, Q1) that pledge/invoke/revoke is "trading," SEBI's FAQ turns to the practical mechanics:

SEBI's Disclosure FAQs: Getting System Driven Disclosures and Thresholds Right

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section E, "Disclosures including System Driven Disclosures" (Q.17–Q.24). Why this section matters Disclosure obligations under Regulation 7 are where insider trading compliance meets the exchange's automated System Driven

SEBI's Pre-clearance FAQs: Where ESOP and Off-Market Exemptions Actually End

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section F, "Pre-clearance" (Q.25–Q.28). Why this section matters Pre-clearance is the day-to-day compliance mechanism most designated persons actually interact with, so ambiguity here creates friction constantly

SEBI's Trading Window Closure FAQs: Why Silence Isn't Compliance

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section G, "Trading Window Closure" (Q.29–Q.35). Why this section matters Trading window closure is the blunt instrument of PIT compliance — it stops trading for a defined class of people during

SEBI's Contra-Trade FAQs, Decoded: ESOPs, Corporate Actions, and the Six-Month Clock

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section H, "Contra-trade" (Q.36–Q.47, including Q.42A and Q.44A). This is the largest section of SEBI's FAQ document, which itself signals how many edge cases this

SEBI's FAQs on Designated Persons: Why Access, Not Title, Defines Who's Covered

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section I, "Designated Person and Immediate Relatives" (Q.48–Q.52). Why this section matters Getting the Designated Persons list right is the foundation everything else in your PIT compliance program sits on

SEBI's General PIT FAQs: Governance Questions Every Compliance Officer Should Have Answered

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section J, "General" (Q.53–Q.59), the final section, addressing cross-cutting questions that didn't fit neatly into the earlier subject-wise categories. Why this section matters The "General&

Decoding SEBI's Revised Trading Plan FAQs (December 2024): A Practical Guide

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section D, "Trading Plan" (Q.16–Q.16H). Per the FAQ's own preface, this was the specific area SEBI revised and expanded in the December 2024 update — making it the single

SEBI's FAQ on Structured Digital Database: What Compliance Officers Must Get Right

Source: SEBI's Comprehensive FAQs on SEBI (PIT) Regulations, 2015, dated December 31, 2024 — Section B, "Structured Digital Database" (Q.5–Q.12). This FAQ document formally rescinds all earlier PIT guidance notes and FAQs, including the original August 24, 2015 Guidance Note. It is the current

Welcome — Tracking SEBI's Prohibition of Insider Trading Regulations, 2015

The SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) replaced the 1992 regime and remain the backbone of India's insider trading enforcement framework. Since their notification, the regulations have been amended repeatedly — expanding the definition of “connected persons,” tightening disclosure obligations for Designated Persons, introducing the Structured