TaxTMI 
TaxTMI 
Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – Extending framework for restricting trading by Designated Persons (“DPs”) by freezing PAN at security level to all listed companies in a phased manner
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....ns, 2015 ("PIT Regulations") - Extending framework for restricting trading by Designated Persons ("DPs") by freezing PAN at security level to all listed companies in a phased manner. 1. Clause 4 (1) of Schedule B read with Regulation 9 of PIT Regulations, inter-alia, states that "Designated persons may execute trades subject to compliance with these regulations. Towards this end, a notional trading window shall be used as an instrument of monitoring the trading by the designated persons. The trading window shall be closed when the compliance officer determines that a designated person or class of designated persons can reasonably be expected to have possession of UPSI. Such closure shall be imposed in relation to such securities to which....
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....g part of benchmark indices and the consultations held with the Stock Exchanges and Depositories, the above framework is hereby extended to all the listed companies. 6. To ensure smooth implementation of the framework, glide path is being prescribed as under: Table 1: Timelines for phase wise implementation of the framework Sr. No. Companies to be covered PAN freeze start date 1 Listed companies that are part of benchmark indices i.e. NIFTY 50 and SENSEX Already applicable as on date 2 Top 1,000 companies in terms of BSE Market Capitalization as of June 30, 2023 (excluding companies part of benchmark indices) October 1, 2023 3 Next 1,000 companies in terms of BSE Market Capitalization as of June 30, 20....
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.... A Vijayan Deputy General Manager +91-22-26449631 [email protected] Enclosure: 1. Procedure for implementation of the system - Annexure A. 2. Process flow chart - Annexure B. 3. Quarterly reporting format by the Depositories - Annexure C ANNEXURE - A Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations") - Extending the framework for restricting trading by Designated Persons ("DPs") by freezing PAN at security level Process for implementation of the system: 1. The Designated Depository ("DD") appointed by the listed company pursuant to the SEBI Circular No. SEBI/HO/CFD/DCR1/CIR/P/20....
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....ys). For example, for financial results for the quarter ending September 30, 2023, the listed company shall confirm the details by September 29, 2023. 6. DD shall provide the details received from the listed company (i.e. Commencement Date and End Date of the trading window closure period, Name and PAN of DPs, ISIN, etc.) to the Stock Exchanges and other Depository atleast 1 trading day prior to the commencement of trading window closure commencement date (T-1 day). For example, for financial results for the quarter ending September 30, 2023, the DD shall provide the details by September 30, 2023. Further, during the trading window closure period, DD shall also provide the aforesaid details and changes therein, if any, to the Stock Excha....
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.... 11. There shall be provision in the system to specify the details of DP to be exempted by listed company from Trading Window restriction in terms of Clause 4 (3) of Schedule B read with regulation 9 of PIT Regulations. In such cases, the restriction shall be removed within 2 trading days from the date of receipt of request from the listed company. As per the example given at para 10 above, if the listed company provides exemption to any DP on October 11, 2023, then the change i.e. de-freeze shall be effected on or before October 13, 2023. The restriction shall be re-introduced automatically post lapse of the exemption period or completion of the transaction by the DP. 12. The freezing/de-freezing of PAN at the security level on account....
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....d DPs was levied towards Trading Window closure for the quarter. 5 Total number of exemptions given to DPs from Trading Window restriction in terms of Clause 4(3) of Schedule B read with regulation 9 of PIT Regulations Depositories shall be required to separately provide the details as mentioned above in the Quarterly report submitted to SEBI. ============= Document 1 Designated Depository to provide access to listed company on a portal/platform Portal will auto- populate details of designated person (PAN and Name) obtained for the purpose of system driven disclosure Listed company to update/confirm a) PAN of DPS to be frozen b) ISIN and c) "Start and End date....