Photo of Karthik Narayan

Associate in the Financial Services Regulatory Practice (FSRP) at the Mumbai office of Cyril Amarchand Mangaldas. Karthik advises on corporate, financial regulatory matters and cross border transactions. He can be reached at karthik.narayan@cyrilshroff.com.

FIG Paper - Navigating SEBI’s Definition of UPSI

Introduction:

The objective of the PIT Regulations is to prohibit insiders with access to Unpublished Price Sensitive Information (“UPSI”) from making illicit gains and to ensure timely, adequate and even disclosure of UPSI to the public. Hence, the determination of what constitutes as UPSI becomes necessary. In this regard, the Securities and Exchange Board of India (“SEBI”) has signalled a shift from a principle-based regime to a more prescriptive regime, which is likely to result in increased compliance obligations for the listed companies.Continue Reading FIG Paper (No. 26 – Series. 3): Navigating SEBI’s Definition of UPSI