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Home / SEBI & Capital Markets / Insider Trading Compliance
Last updated: 2 October 2026
Listed companies and their insiders must follow SEBI’s Prohibition of Insider Trading Regulations — codes of conduct, a structured digital database, trading windows, pre-clearance and disclosures. Expertvuw’s team sets up and runs these processes, including the broader UPSI definition in force from June 2025.
The SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) prohibit trading in securities while in possession of unpublished price sensitive information (UPSI) and communicating UPSI except for legitimate purposes. Listed companies, intermediaries and fiduciaries must adopt a code of conduct and a code of fair disclosure, maintain a structured digital database (SDD) of UPSI sharing with time-stamps and audit trails, and monitor trading by designated persons.
The trading window for designated persons usually closes from the end of each quarter until 48 hours after financial results are published. Trades above prescribed thresholds need pre-clearance, and disclosures by promoters, directors, KMP and designated persons must be made within set timelines — for example, continual disclosures within two trading days, with the company informing the exchange within two trading days.
From 10 June 2025, SEBI widened the definition of UPSI to include a longer list of events, such as fund-raising proposals, restructuring, one-time settlements, key regulatory actions and changes in auditors or credit ratings.
Basis: SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended including the 2025 amendment (effective 10 June 2025); SEBI circulars on the structured digital database and system-driven disclosures. Last updated: 27 September 2026.
From 10 June 2025, a longer list of events is treated as UPSI.
Companies must maintain a structured digital database of UPSI sharing with audit trails.
Usually closed from quarter-end until 48 hours after results.
Trades above ₹10 lakh in a quarter disclosed within two trading days.
Insiders can trade under pre-approved trading plans disclosed in advance.
Designated persons cannot make opposite trades within six months.
PIT lapses often come from weak records.
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PIT compliance connects with these services.
Ongoing LODR compliance.
Settlement of SEBI proceedings.
Board and governance processes.
ESOP schemes and insider trading overlap.
Assess current codes and processes.
Align codes with the 2025 amendments.
Set up or clean the structured digital database.
Brief designated persons on their duties.
Manage trading window and pre-clearance.
File disclosures and report violations.
PIT compliance runs every quarter.
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Unpublished price sensitive information: information about a company or its securities that is not generally available and would likely materially affect the price. The definition was widened from 10 June 2025.
A database maintained by the company recording who UPSI was shared with, when and why, with time-stamps and audit trails.
Usually from the end of each quarter until 48 hours after the financial results are published.
An opposite trade within six months of a previous trade by a designated person, which is prohibited.
Promoters, directors, KMP and designated persons whose trades exceed ₹10 lakh in a calendar quarter.
ACS – Director, Expertvuw Management Pvt Ltd
SEBI applications and filings are prepared by Expertvuw’s team. Certificates, audits and due diligence that SEBI regulations reserve for practising professionals or registered intermediaries are provided by independent registered professionals, and representation before SEBI or SAT is made by advocates or authorised professionals.