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Key Takeaways
The definition of insider trading or connected persons will now include public servants. As of now, government officials or members of the judiciary were excluded from the definition of insider trading or insiders or connected people.
The generally available information is publically available and is not linked to only exchange disclosures. There has been an effort by the committee to expand the definition of generally available information especially with respect to when a company goes for due diligence process or an investor comes in. So, the due diligence process is now exempted from insider trading disclosures subject to certain conditions. The conditions being that if any information is provided to the incoming investor that information has to be released to the public atleast two days prior to the announcement.
The provision of trading is another issue which has been dealt with. Senior management who has constant information about the company, for them, the panel has recommending coming out with a provision for trading plan of these permanent insiders.
Definition of insider has been expanded to include employees and immediate relatives. Earlier, the definition of insider was only limited to senior management and two levels below the senior management. So, if any trade is undertaken by any of the employees or their immediate relatives, it has to be disclosed to the company.
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