Revised formats of Disclosures under Regulation 7 of SEBI PIT Regulations
Revised disclosure formats under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015
Securities and Exchange Board of India (SEBI) has issued circular no. SEBI/HO/ISD/ISD/CIR/P/2021/19 dated February 9, 2021 regarding revised disclosure formats under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015.
Under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015, following disclosures are to be made :
- Initial Disclosures.
(a). Every promoter, member of the promoter group, key managerial personnel and director of every company whose securities are listed on any recognized stock exchange shall disclose his holding of securities of the company as on the date of these regulations taking effect, to the company within thirty days of these regulations taking effect;
(b). Every person on appointment as a key managerial personnel or a director of the company or upon becoming a promoter or member of the promoter group shall disclose his holding of securities of the company as on the date of appointment or becoming a promoter, to the company within seven days of such appointment or becoming a promoter.
(2) Continual Disclosures.
(a). Every promoter, member of the promoter group, designated person and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of Ten lakh rupees or such other value as may be specified;
(b). Every company shall notify the particulars of such trading to the stock exchange on which the securities are listed within two trading days of receipt of the disclosure or from becoming aware of such information.
(c) The above disclosures shall be made in such form and such manner as may be specified by the Board from time to time.
Disclosures by other connected persons.
- Any company whose securities are listed on a stock exchange may, at its discretion require any other connected person or class of connected persons to make disclosures of holdings and trading in securities of the company in such form and at such frequency as may be determined by the company in order to monitor compliance with these regulations.
In light of amendments to the PIT Regulations effecting the inclusion of member of the promoter group, and designated person in place of employee, in Regulation 7 of PIT Regulations; and on the basis of feedback received the disclosure formats are revised and are annexed herewith.
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