The Securities and Exchange Board of India (“SEBI”) had vide a circular dated September 9, 2020 (“September Circular”), under SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”), implemented the System Driven Disclosures (“SDD”) in phases. The September Circular mentioned that SDD would continue to run parallel with the existing system, i.e., entities could continue to independently comply with the applicable disclosure obligations under PIT Regulations.
SEBI has now, vide, circular dated August 13, 2021 confirmed that stock exchanges and depositories have implemented SDD in line with the September Circular and that SDD has gone live from April 01, 2021. Therefore, listed companies who have complied with requirements of the September Circular are not required to comply with the manual filing of disclosures as required under Regulation 7(2) (a) & (b) of PIT Regulations.
Please find a copy of the Circular here and the September Circular here.
This update has been contributed by Suchita Ambadipudi (Partner) and Smriti Tripathi (Associate).
Argus Knowledge Centre is now on WhatsApp! Send us a message on +91 8433523504 to receive updates from our Knowledge Centre.
7A, 7th Floor, Tower C, Max House,
Okhla Industrial Area, Phase 3,
New Delhi – 110020
The rules of the Bar Council of India do not permit advocates to solicit work or advertise in any manner. This website has been created only for informational purposes and is not intended to constitute solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work in any manner. By clicking on 'Agree' below, you acknowledge and confirm the following:
a) there has been no solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work through this website;
b) you are desirous of obtaining further information about us on your own accord and for your use;
c) no information or material provided on this website is to be construed as a legal opinion and use of this website will not create any lawyer-client relationship;
d) while reasonable care has been taken in ensuring the accuracy of the contents of the website, Argus Partners shall not be responsible for the results of any actions taken on the basis of information provided in this website or for any error or omission in the website; and
e) in cases where the user has any legal issues, the user must seek independent legal advice.