PGDM 2019

NISM-NSE Conference on

“Recent Changes in Listing and Insider Trading Regulations”

September, 6 2019 | Chennai


The School for Corporate Governance (SCG) of the National Institute of Securities Markets (NISM) along with National Stock Exchange of India Ltd (NSE) had organized a Conference on “Recent Changes in Listing and Insider Trading Regulations” on September 6, 2019 at Hotel Savera, Chennai.


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In the recent years, one of the important reforms in the listing space is the amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which were notified in May 2018, based on the recommendations of Uday Kotak Committee Report on Corporate Governance. Some of the important provisions such as appointment of woman independent director, etc., have already come into effect from April 1, 2019.


SEBI has also made wide-ranging amendments to SEBI (Prohibition of Insider Trading) Regulations, 2015 and these amendments are also effective from April 1, 2019. The major reforms include maintenance of a structured database of insiders, separate code of conduct for fiduciaries, etc. In order to assess as to whether and how top 20 listed entities had adapted to the recent amendments, in the month of April 2019, NISM jointly with SEBI had organized a Brainstorming Session at Mumbai.This assessment exercise provided clarity on how industry has put in place systems and practices for effective implementation of the amended Regulations.


Based on these deliberations, NISM decided to conduct a series of Capacity Building Conferences in different centres across the country to sensitize Compliance Officers of the listed companies situated in these locations and enable them to set up/correct their processes. Two such Conferences have already been conducted by NISM at Mumbai and New Delhi in the month of May and June 2019. The third Conference of the Series was conducted at Chennai on September 6, 2019.


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Mr.M.Krishnamoorthy, Member of Faculty, NISM, in his welcome address, spoke about the theme of the Conference and requested the participants to utilize the opportunity by seeking clarity on the various issues governing the listing and insider trading regulations.


Ms Mansi Chheda, Manager, NSE, in her presentation provided the Stock Exchange Perspective of Recent Amendments to Listing Regulations.


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Ms Yukti Sharma, Associate Vice President, NSE, discussed with the participants about the Common Observations of the Stock Exchange while scrutinizing Further Public Issues.


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Mr.Pradeep Ramakrishnan, General Manager, SEBI, made a detailed presentation on “Re-classification of Promoters” and also explained the connected issues with illustrative examples.


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Mr.Eshwar Sabapathy, Managing Partner, Eshwars - House of Corporate & IPR Laws provided legal perspective of the recent changes to SEBI (Prohibition of Insider Trading) Regulations, 2015. He requested the participants to make note of the legal clarity on many issues such as definition of insider, scope, etc., in the new provisions.


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Dr.V.R.Narasimhan, Dean, NISM, shared with the participants about the system and practices being adopted by top listed companies for complying with the recent changes to SEBI (Prohibition of Insider Trading) Regulations, 2015. He also requested the participant companies to seek clarifications from the Regulator wherever required.


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Mr.V.S.Sundaresan, Chief General Manager, SEBI, in his detailed presentation, elucidated the participants with intent of the new amendments to SEBI (PIT) Regulations, 2015 through live case studies. Mr.Sundaresan requested the participants to comply with the new changes in both letter and spirit.


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Around 42 participants from 38 listed companies had attended the Conference and benefitted from the deliberations. The faculties replied to various questions raised by the participants on issues of interpretation and difficulties in implementation of SEBI LODR and SEBI PIT Regulations, 2015. All the sessions were well received by the participants and helped them in understanding the nuances of the latest amendments.


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