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ARTICLE · 28 APRIL 2025

Insider Trading Compliance Evolution: SEBI's Framework For Immediate Relatives Of Designated Persons

IndiaLaw LLP
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The Securities and Exchange Board of India (SEBI) has issued a circular dated April 21, 2025, to enhance the compliance framework related to insider trading regulations.

IndiaCorporate/Commercial Law
Rahul Sundaram
Rahul Sundaram

The Securities and Exchange Board of India (SEBI) has issued a circular dated April 21, 2025, to enhance the compliance framework related to insider trading regulations. This initiative is aimed at preventing inadvertent non-compliances of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations"), particularly concerning the trading window closure period for designated persons (DPs) and their immediate relatives.

The background to this circular lies in the existing regulatory requirements under Clause 4 of Schedule B read with Regulation 9 of the PIT Regulations. These provisions mandate that designated persons and their immediate relatives must not trade in securities when the trading window is closed. One specific instance of such closure is the period from the end of every quarter until 48 hours after the declaration of financial results. To ease compliance with these regulations and prevent unintentional

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