The Securities Exchange Board of India (SEBI) on November 09, 2024, issued a consultation paper on the proposed review of the definition of Unpublished Price Sensitive Information (UPSI) under SEBI (Prohibition of Insider Trading) Regulations, 2015, to bring regulatory clarity, certainty, and uniformity of compliance in the ecosystem.
The following has been stated namely: -
• It seeks to align the definition of UPSI in PIT Regulations with events from Para A and Para B of Part A of Schedule III as defined under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• It provides 13 proposals to be included in the definition of UPSI, such as:
o Proposal 1 states to include “Change in Rating(s)”.
o Proposal 2 states to include “fundraising proposed to be undertaken”.
o Proposal 12 states to include “Giving of guarantees or indemnity or becoming a surety, by whatever named called, for any third party”.
o Proposal 13 states to include “granting, withdrawal, surrender, cancellation or suspension of key licenses or regulatory approvals”.
• The comments along with the rationale may be submitted by November 30, 2024, via email at: [email protected], or through online mode at: SEBI | Public Comments.
