The Securities and Exchange Board of India (Sebi) today tightened disclosure norms relating to the holdings of officers and directors with regard to insider trading.
According to the amendments, an officer or a director of a company will have to disclose any change in his holdings exceeding Rs 5 lakh, 25,000 shares, or 1 per cent of the total shareholding. Previously, the limits were set at 5,000 shares and a 2 per cent shareholding.
Sebi, however, relaxed the applicability of Regulation 3A, which prohibits a company from dealing in the securities of another company or associate with it while it is in the possession of the other
