Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – Framework for restricting trading by Designated Persons (“DPs”) by freezing PAN at security level
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Trading window closure: PAN-based freeze restricts designated persons from trading during closed periods around financial results. SEBI requires depositories and exchanges to implement a system restricting trading by Designated Persons via PAN freeze at security level around financial-result disclosures for companies in benchmark indices. Listed companies must confirm ISIN, DPs' PANs and closure start/end dates at least two trading days prior (T-2); the Designated Depository will relay details to exchanges and other depositories by T-1 and daily during closure. Demat accounts are identified by PAN; on-market, off-market and pledge transactions will be restricted from commencement (T day), with additions, deletions or exemptions effected within two trading days and freezes processed post market hours.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Trading window closure: PAN-based freeze restricts designated persons from trading during closed periods around financial results.
SEBI requires depositories and exchanges to implement a system restricting trading by Designated Persons via PAN freeze at security level around financial-result disclosures for companies in benchmark indices. Listed companies must confirm ISIN, DPs' PANs and closure start/end dates at least two trading days prior (T-2); the Designated Depository will relay details to exchanges and other depositories by T-1 and daily during closure. Demat accounts are identified by PAN; on-market, off-market and pledge transactions will be restricted from commencement (T day), with additions, deletions or exemptions effected within two trading days and freezes processed post market hours.
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