Insider Trading: Law and Practice by Armaan Patkar is a pioneering work on the subject, serves as a comprehensive guide to the law and practice of insider trading regulation in India, in the light of global developments.

Special Features:

  • Covers nearly 1,000 Indian and foreign cases
  • Global jurisprudence and good practices for establishing Chinese Walls- a topic on which Indian literature is negligible has been discussed in detail.
  • The chapter are arranged subject-wise to suit the principle-bases nature of the 2015 Regulation.
  • It also examines enforcement principles, including principles of Civil, criminal and Officer Liability under the SEBI Act, 1992, and the applicable standards of proof.
  • Provides a summary of all informal guidance letters issued by SEBI.
  • Specific chapters are dedicated to key terms “insiders”, “unpublished price sensitive information”, the prohibition on insider trading, communication of inside information, and compliance requirements.


Armaan’s book provides a welcome guide to the law and practice of insider trading regulation in India. It provides easy reading, flows logically, and will certainly form a very useful source of well-thought material for both practitioners and students.

—Zia Mody

Founder and Managing Partner

AZB & Partners

The book is a worthy and perceptive legal commentary on the SEBI (Prohibition of Insider Trading) Regulations, 2015. It covers the legislative and policy backdrop of insider trading regulations in India and meticulously traces the important milestones over the years. The book also contains an insightful analysis of relevant laws in other jurisdictions helping the reader draw learnings from a comparative perspective. It will be of immense use for students, practitioners and researchers in understanding and interpreting a  complex area of law.

—Shri U.K. Sinha

Former Chairman

Securities and Exchange Board of India

While insider trading law in India has undergone a rapid transformation in the last couple of decades, a systematic analysis of the legal regime has been rather elusive. This book performs, and that too admirably, the task of filling that important gap. It represents a comprehensive account of insider trading law in India, but set elegantly in the context of global developments. It combines jurisprudential analyses with a study of practical implications. It is a sine qua non for anyone engaged in the field of securities regulation, whether a student, academic or practitioner.

—Umakanth Varottil

Associate Professor

Faculty of Law, National University of Singapore

This book is a pioneering work that will be useful to academics and practitioners globally as a handbook for Indian insider trading law especially how it is similar to, and more importantly, how it differs from global practice.

—Murali Neelakantan

Former Partner, Ashurst

Former Global General Counsel, Cipla

Table Of Contents

1. An Introduction to Insider Trading
2. Development of Insider Trading Regulation
3. Legislative and Regulatory Framework in India
4. Insiders
5. Unpublished Price Sensitive Information
6. Other Definitions and Interpretation
7. Prohibition on Insider Trading
8. Communication of UPSI
9. Compliance Requirements
10. Enforcement


1. SEBI Informal Guidance Letters Relating to Insider Trading

2. Report of the High-Level Committee to Review the SEBI (Prohibition of Insider Trading) Regulations, 1992

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