Insiders Not Liable for Trades Without Access to Price-Sensitive Info on Stock Split.

The AT held that stock split is a price sensitive information as it is likely to impact the price of securities. The UPSI period commenced from March 20, 2017 when the discussion specifically included analysis of stock split for IAL. However, the appellants cannot be considered insiders merely because they subscribed to IAL's pre-IPO preferential allotment. There was no evidence that appellants had access to or possessed UPSI when trading in IAL's scrip. Hence, the appeal was allowed. .....

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