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<h1>SEBI Enforces New Insider Trading Restrictions: Freezing PAN for Designated Persons During Trading Window Closure.</h1> The circular issued by SEBI outlines a new framework for restricting trading by Designated Persons (DPs) during the trading window closure period under the SEBI (Prohibition of Insider Trading) Regulations, 2015. It mandates freezing the Permanent Account Number (PAN) at the security level to prevent insider trading. The system will be applicable to companies listed on benchmark indices like NIFTY 50 and SENSEX, focusing on on-market transactions, off-market transfers, and pledging of equity shares and derivatives. The circular requires stock exchanges and depositories to implement this system by the quarter ending September 30, 2022, and to ensure compliance with the PIT Regulations.