IN-Listed Companies · SEBI (PIT + SAST)

Indian insider disclosure rests on two texts issued by the Securities and Exchange Board of India (SEBI). The Prohibition of Insider Trading Regulations, 2015 (PIT), last amended on 12 March 2025, cover promoters, members of the promoter group, directors and designated persons. The Substantial Acquisition of Shares and Takeovers Regulations, 2011 (SAST) cover anyone whose stake crosses set ownership levels, whatever their role. Both kinds of filing go to the stock exchanges where the shares are listed.

The ten-lakh trigger and the two-day clock

Under PIT regulation 7(2)(a), a promoter, promoter-group member, designated person or director must tell the company within two trading days of a trade once the value traded in a calendar quarter, in one transaction or several, exceeds ten lakh rupees (INR 1 million). Regulation 7(2)(b) then gives the company two trading days to notify the exchanges, using the format known as Form C. After a filing, the next one falls due only when the trades made since then cross the same threshold again.

Regulation 6(2) extends the duty to trades by immediate relatives and by anyone for whom the insider takes trading decisions.

Large holders under SAST

SAST regulation 29 works on percentages. An acquirer that reaches 5% of shares or voting rights, alone or with persons acting in concert, discloses its aggregate holding to the company and to every exchange where the shares trade within two working days. A holder already at 5% or more files again for each acquisition or sale of 2% or more.

Closed windows around results

Schedule B of PIT closes the trading window for designated persons and their immediate relatives from the end of every quarter until 48 hours after the financial results are declared. The compliance officer also closes it whenever designated persons can reasonably be expected to hold unpublished price sensitive information. In August 2022 SEBI added a framework that restricts trading by designated persons by freezing their PAN at security level during these periods.

Reading the India records here

The India feed is per-trade: each record is one disclosed transaction, with the amount in rupees as filed and a euro conversion for comparison across markets. Because PIT and SAST filings sit side by side, check the role on each card. Promoters and members of the promoter group are classed under major shareholders, not executives, and the original title stays visible on the insider page. The scoring method is described on the methodology page.