The SAT ruling in Kunal Kashyap v. SEBI sets a concerning precedent.

The author examines the SEBI (Prohibition of Insider Trading) (Third Amendment) Regulations 2024.

The expansion of UPSI, without clearly outlining the exceptions and information outside the UPSI ambit, creates regulatory imbalance.

By classifying unverified market information as UPSI via the amendment, the SEBI contradicts prior jurisprudence on the matter.

Changes basis American experience might be undesirable without going into the root cause of the unpopularity of TPs.

The dichotomy perpetuated by the courts has created a hard barrier for the SEBI Regulations 2015 to achieve their objective.

The article is an attempt to delve into the concept of material non-public information.

The article attempts to explore the drawbacks that the amendment relating to UPSI aims to address.

The author examines the consultation paper dated 18 May 2023 issued by the SEBI.

This article aims to provide an in-depth analysis of the Supreme Court's ruling in Balram Garg case.

Per the author, it is necessary that the Indian law develops a cohesive standard based on mens rea in the insider trading regime.

Per the author, in RIL’s case, one may cull out multiple adjudicatory inconsistencies with potential to cause uncertainty.