SEBI has notified a circular ref no SEBI/HO/ISD/ISD/CIR/P/2021/578 dated June 16, 2021 for automation of continual disclosures under regulation 7(2) of Sebi (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – system driven disclosures for inclusion of listed debt securities.
The system driven disclosures have already been implemented for entities of a listed company under Regulation 7(2) of PIT Regulations pertains to trading in equity shares and equity derivative instruments i.e. Futures and Options of the listed company by such entities. SEBI, vide circular no. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 09, 2020 (“Earlier Circular”), implemented the System Driven Disclosures in phases, under SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosures for equity and equity derivative segments are being displayed on the exchange website under ‘system driven disclosures’.
In terms of the Earlier Circular issued on September 9, 2020, System Driven Disclosures has been implemented for member(s)of promoter group and designated person(s)in addition to the promoter(s)and director(s)of company (hereinafter collectively referred to as entities) under Regulation 7(2) of PIT Regulations pertaining to trading in equity shares and equity derivative instruments i.e. Futures and Options of the listed company (wherever applicable) by the entities. The disclosures for Equity and Equity Derivative segments are being displayed on the exchange website under ‘System Driven Disclosures.
As per the Circular issued on June 16, 2021, SEBI has decided to include the listed debt securities of equity listed companies under the purview of the said System Driven Disclosures for the entities, as mentioned above. Further, the procedure for implementation of System Driven Disclosures as provided in Earlier SEBI circular i.e. Circular no. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 9, 2020, shall also be applicable for the listed Debt Securities.
The Depositories and Stock Exchanges shall make necessary arrangements such that the disclosures pertaining to listed Debt Securities along with equity shares and equity derivative instruments are disseminated on the websites of respective stock exchanges with effect from July 1, 2021.
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