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Sebi keeps tab on insider trading
The market regulator Sebi on Tuesday came out with a new mechanism to reward whistleblowers and other informants for sharing information about insider trading cases.
New Delhi: The market regulator Sebi on Tuesday came out with a new mechanism to reward whistleblowers and other informants for sharing information about insider trading cases.
Under the new framework, it would be mandatory to disclose the source of information, besides, confidentiality regarding the identity of the informant would be protected, the regulator said in a statement.
Insider trading refers to trading of securities, while in possession of Unpublished Price Sensitive Information (UPSI) about the particular securities.
The Securities and Exchange Board of India (Sebi) said, "reward would be given in case the information provided leads to a disgorgement of at least Rs 1 crore in accordance with the PIT (Prohibition of Insider Trading) Regulations".
The regulator said that Office of Informant Protection (OIP) has been established by it as an independent office for receiving and processing Voluntarily Information Disclosure Form (VID form).
