Insider trading has been prohibited through legislation in most of the western countries for the last several years. In India, there was no regulation-governing insider trading until 1992, when Securities and Exchange Board of India ("SEBI") framed the Insider Trading Regulations.

These Regulations have been amended with effect from 20th February 2002. These regulations are now called the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘the Regulations’). The full text of the Regulations is given in Appendix 1.

Regulation 12 of the Regulations requires inter alia all listed companies to set up an appropriate mechanism and to frame and enforce a code of internal procedures and conduct based on the Model Code specified in Schedule I to the Regulations. Further, regulation 13 of the Regulations requires directors, officers, designated employees and substantial shareholders of listed companies to disclose their shareholdings or voting rights to the respective companies.

In compliance with the above requirements, the company has introduced a code for prohibition of Insider Trading (hereinafter referred to as the ‘Code’).

To Download complete Code of Conduct click here.