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ARTICLE · 20 SEPTEMBER 2019

Analyzing SEBI's Paper On Rewarding Whistleblowers

S&R Associates
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The Securities and Exchange Board of India (SEBI) faces numerous challenges in investigating and determining insider trading violations.

IndiaEmployment and HR
Radhika Iyer
Radhika Iyer
Meher Mehta
Meher Mehta

The Securities and Exchange Board of India (SEBI) faces numerous challenges in investigating and determining insider trading violations. Lack of direct or conclusive evidence of violations is a key challenge in most cases. On 10 June 2019, SEBI issued a discussion paper on a proposed informant mechanism under which whistleblowers will be rewarded for reporting instances of insider trading.

The mechanism described in the discussion paper appears to be inspired by the whistleblower framework under the US Dodd-Frank Wall Street Reform and Consumer Protection Act, which authorizes the US Securities and Exchange Commission to provide monetary rewards to individuals who voluntarily provide original information that leads to successful enforcement action. Under SEBI's proposed informant mechanism:

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