SEBI vide notification dated 4th December 2024 has issued the Securities and Exchange Board of India (Prohibition of Insider Trading) (Third Amendment) Regulations, 2024. It is clarified that the relatives of a “connected person” too become connected persons for the purpose of these regulations. It is a rebuttable presumption that a connected person had UPSI.
It is further clarified that the term “relative” shall mean the following:
- Spouse of the person;
- Parent of the person and parent of its spouse;
- Sibling of the person and sibling of its spouse;
- Child of the person and child of its spouse.
