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of <h1>SEBI mandates strict UPSI sharing rules for insiders, requiring company policies to define 'legitimate purposes' and ensure transparency.</h1> The Securities and Exchange Board of India (SEBI) regulations prohibit insiders from communicating or procuring unpublished price-sensitive information (UPSI) unless for legitimate purposes, performance of duties, or legal obligations. Companies must establish policies to define 'legitimate purposes' and ensure confidentiality. UPSI can be shared in specific transactions, such as takeovers, if it serves the company's best interests and is disclosed publicly to prevent market asymmetry. Boards must maintain a structured digital database of UPSI transactions, preserving it for at least eight years, with strict controls to prevent tampering and ensure compliance with investigations.
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