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Oct 30, 2024

SEBI Notifies Date for Applicability of PIT Regulations on Mutual Funds

SEBI, by way of Notification dated July 25, 2024, has notified November 1, 2024, as the effective date for implementation of the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022 (‘2022 Amendment’) (‘PIT Regulations’). The 2022 Amendment, which was issued on November 24, 2022, extended the applicability of the PIT Regulations to mutual funds, and provided, inter alia, for restrictions on communication in relation to and trading by insiders in the units of mutual funds. In such case, ‘insider’ would mean any person who is: (i) in possession of or having access to unpublished price sensitive information (‘UPSI’) pertaining to a scheme; or (ii) any person who, directly or indirectly, in any capacity, is associated or has been associated during the two months prior to the concerned act with the mutual fund, asset management company and trustees, and has access to UPSI.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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