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TMI BlogTrading Window closure period under Clause 4 of Schedule B read with Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results.X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2015 ("PIT Regulations") - Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results. 1. Clause 4 (1) of Schedule B read with Regulation 9 of PIT Regulations, interalia, states that "Designated persons may execute trades subject to compliance with these regula-tions. Towards this end, a notional trading window shall be used as an instrument of monitoring the trading by the designated persons. The trading window shall be closed when the compliance officer determines that a designated person or class of designated persons can reasonably be expected to have possession of UPSI. Such closure shall be imposed in relation to such secur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is enclosed at Annexure- A. The flowchart for the same is enclosed at Annexure- B. 6. To ensure ease of implementation of the framework, phase wise implementation is be-ing prescribed as under: Table 1: Timelines for phase wise implementation of the framework Phase Companies to be covered PAN-ISIN freeze start date Phase -1 Top 500 companies based on BSE market cap-italization as of March 31, 2025, listed on BSE, NSE and MSEI. July 01, 2025 Phase -2 All the remaining companies listed on BSE, NSE, and MSEI, as well as companies that get listed on stock exchanges after the issuance of this circular. October 01, 2025 7. The Depositories and Stock Exchanges are directed to: a. take necessary steps to implement this circul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the last updated or available information under system-driven disclosure uploaded by the listed company with DD in terms of SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 [Circular was rescinded and superseded vide section 3.4.2 of Master Circular on Surveillance of Securities Market SEBI/HO/ISD/ISD-PoD-2/P/CIR/2024/126 dated September 23, 2024.] dated September 09, 2020. Listed com-pany to provide details of Immediate Relatives of respective DPs as per format prescribed by DD. 3. The listed company shall confirm to the DD details with respect to listed ISIN of equity share of the company, Name, PAN, and confirm the demat account number viz. DP ID and client ID (in case of PAN exempted cases) of DPs and their immediate relatives. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resaid details and changes therein, if any, to the Stock Ex-changes and other Depository on a daily basis. 7. The demat accounts shall be identified by the Depositories based on the PAN of the immediate relatives of DP as sole / joint holder. 8. Based on demat accounts identified as per para 7 above and instruction given by listed company as per paras 3 and 4 above, the off-market transactions and creation of pledge includes all types of encumbrances shall be restricted by the Depositories with reason code as "Trading Window Closure Period". 9. On the basis of data received from the Depositories, the Stock Exchanges shall restrict the on-market transactions of immediate relatives of DP in equity shares and equity derivatives contracts of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ample given at para 10 above, if the listed company provides exemption to any DP and their immediate relatives on July 09, 2025, then the change i.e. de-freeze shall be effected on or before July 11, 2025. The restriction shall be re-introduced automatically post lapse of the exemption period or completion of the transaction by the DP and their immediate relatives. 12. The freezing/de-freezing of PAN at the security level on account of changes due to addition or deletion will be effected post market hours. 13. Pay-in and pay-out obligations in respect of transactions, if any, taken place prior to freezing the PAN of immediate relatives of DP at the security level, may be permitted to be settled, squared off or closed out, as the case may ..... X X X X Extracts X X X X X X X X Extracts X X X X
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