{"id":212167,"date":"2019-03-16T18:00:59","date_gmt":"2019-03-16T12:30:59","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212167"},"modified":"2023-08-30T16:43:16","modified_gmt":"2023-08-30T11:13:16","slug":"reserve-bank-of-india-prevention-of-market-abuse-directions-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/16\/reserve-bank-of-india-prevention-of-market-abuse-directions-2019\/","title":{"rendered":"Reserve Bank of India (Prevention of Market Abuse) Directions, 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">The Reserve Bank of India (hereinafter called the \u2018Bank\u2019), having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of the powers conferred by Section 45W of the RBI Act read with Section 45U of the Act and of all the powers enabling it in this behalf, hereby issues the following Directions to all persons dealing in securities, money market instruments, foreign exchange instruments, derivatives or other instruments of like nature as the Bank may specify from time to time.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>1. Short title, extent, commencement and application:<\/strong><\/p>\n<p style=\"text-align: justify;\">(1) <strong>These Directions shall be called the Reserve Bank of India (Prevention of Market Abuse) Directions, 2019.<\/strong><\/p>\n<p style=\"text-align: justify;\">(2) They <strong>shall come into force on March 15, 2019.<\/strong><\/p>\n<p style=\"text-align: justify;\">(3) These Directions shall apply to transactions of all participants in markets for financial instruments but shall exclude transactions executed through the recognized stock exchanges under and in accordance with the regulations of the Securities and Exchange Board of India. These Directions shall not apply to the Bank and the Central Government in furtherance of monetary policy, fiscal policy or other public policy objectives.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>2. Definitions:<\/strong><\/p>\n<p style=\"text-align: justify;\">(1) In these Directions, unless the context otherwise requires,<\/p>\n<ol style=\"text-align: justify;\" type=\"a\">\n<li><span class=\"head\">\u2018Artificial price\u2019\u00a0<\/span>means the price of a financial instrument resulting from a transaction, or any act of omission or commission, undertaken by a market participant with the sole or dominant purpose of setting or securing the price of a financial instrument or related instrument at a particular level or moving it in a particular direction.<\/li>\n<li><span class=\"head\">\u2018Benchmarks\u2019<\/span>\u00a0mean any benchmark rate published by the Financial Benchmarks India Pvt. Ltd. (FBIL) or by any other agency specified by the Bank from time to time.<\/li>\n<li><span class=\"head\">\u2018Electronic Trading Platform (ETP)\u2019<\/span> shall have the meaning assigned to it in Section 2(1)(iii) of The Electronic Trading Platform (Reserve Bank) Directions, 2018.<\/li>\n<li><span class=\"head\">\u2018Financial instruments\u2019<\/span> mean instruments referred to or specified under Section 45W of the RBI Act.<\/li>\n<li><span class=\"head\">\u2018Market abuse\u2019<\/span>\u00a0includes market manipulation, benchmark manipulation, misuse of information, or any other similar practice.<\/li>\n<li><span class=\"head\">\u2018Market manipulation\u2019<\/span>\u00a0means any transaction or any act of omission or commission by a market participant, or a group of market participants acting in collusion, that may result in, or seek to convey, a false or misleading impression as to the price of, or supply of, or demand for, a financial instrument, carried out with the intention of making an undue financial gain or any other material benefit. It shall also include any transaction or action that may result in, or is intended to result in, an artificial price of a financial instrument.<\/li>\n<li><span class=\"head\">\u2018Market participant\u2019<\/span>\u00a0means a person transacting or facilitating a transaction in the markets for financial instruments.<\/li>\n<li><span class=\"head\">\u2018Price-sensitive customer information\u2019<\/span>\u00a0for any market participant means any information pertaining to transactions or potential transactions of a customer that is not publicly available, and which may affect the price of any financial instrument if made publicly available.<\/li>\n<li><span class=\"head\">\u2018Publicly available\u2019<\/span>\u00a0in relation to information means any information which is available on a non-discriminatory basis from any source.<\/li>\n<li><span class=\"head\">\u2018Recognized stock exchange\u2019<\/span> shall have the meaning assigned to it in Section 2(f) of the Securities Contracts (Regulation) Act, 1956.<\/li>\n<li><span class=\"head\">\u2018Reference rate\u2019<\/span>\u00a0means any reference rate published by the FBIL or any other agency as specified by the Bank from time to time.<\/li>\n<li><span class=\"head\">\u2018Transactions\u2019<\/span>\u00a0include orders, quotes, bids or offers, irrespective of whether they result in a trade or not.<\/li>\n<li><span class=\"head\">\u2018Non-public price-sensitive information\u2019<\/span>\u00a0means any information that is not publicly available, and which may affect the price of a financial instrument if made publicly available.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">(2) Words and expressions used, but not defined in these Directions, shall have the same meaning assigned to them in the RBI Act, 1934.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>3. Market manipulation:<\/strong><\/p>\n<p style=\"text-align: justify;\">(1) Market participants shall not engage in, or attempt to engage in, market manipulation.<\/p>\n<p style=\"text-align: justify;\">(2) Market participants shall not undertake transactions on an ETP that may disrupt or delay its functioning.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>4. Benchmark manipulation:<\/strong><\/p>\n<p style=\"text-align: justify;\">(1) Market participants, either acting independently or in collusion, shall not undertake any action, with the intention to manipulate the calculation of a benchmark rate or a reference rate.<\/p>\n<p style=\"text-align: justify;\">(2) No market participant shall carry out a transaction or initiate any action with the sole or dominant intention of influencing a benchmark rate or a reference rate.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>5. Misuse of information:<\/strong><\/p>\n<p style=\"text-align: justify;\">(1) A market participant that is in possession of \u2018Non-public price-sensitive information\u2019 shall not use it for any material benefit to itself or to others.<\/p>\n<p style=\"text-align: justify;\">(2) Market participants shall not use \u2018Price-sensitive customer information\u2019 for transacting on their own account in a manner that adversely affects the outcome for the customer in that (those) transaction(s). They shall maintain confidentiality of price-sensitive customer information.<\/p>\n<p style=\"text-align: justify;\">(3) Market participants shall not intentionally create or transmit false or inaccurate information, or, withhold timely information that is required to be reported or made public, that influences or is likely to influence the price of any financial instrument. Transmission of false or inaccurate information shall be deemed to have been done intentionally by a market participant if it had not exercised due diligence as to the veracity of the information before transmitting.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>6. Monitoring, compliance and reports:<\/strong><\/p>\n<p style=\"text-align: justify;\">(1) Market participants shall report any instance of market abuse or attempted market abuse detected by them to the Bank promptly.<\/p>\n<p style=\"text-align: justify;\">(2) Market participants shall provide any data and\/or information as required by the Bank in the format and within the time frame prescribed.<\/p>\n<p class=\"head\" style=\"text-align: justify;\"><strong>7. Regulatory action for market abuse:<\/strong><\/p>\n<p style=\"text-align: justify;\">Market participants committing market abuse are liable to be denied access to markets in one or more instruments for a period that may not exceed one month at a time. No such action shall be taken by the Bank without providing a reasonable opportunity to the market participant to defend its actions. All instances of such action shall be made public by the Bank.<\/p>\n<p>[Dated: 15-03-2019]<\/p>\n<p style=\"text-align: right;\"><strong>Reserve Bank of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India (hereinafter called the \u2018Bank\u2019), having considered it necessary in public interest and to regulate the financial system <\/p>\n","protected":false},"author":8808,"featured_media":292792,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[34440],"class_list":["post-212167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-reserve-bank-of-india-prevention-of-market-abuse-directions-2019"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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According to the Directions, depositors will be allowed to withdraw a sum not exceeding Rs 1,000 (Rupees one thousand only) of the total balance in every\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":224239,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/15\/directions-under-s-35-a-read-with-s-56-of-the-banking-regulation-act-1949-kolikata-mahila-co-operative-bank-ltd-kolkata-west-bengal-extension-of-period-of-directions\/","url_meta":{"origin":212167,"position":1},"title":"Directions under S. 35 A read with S. 56 of Banking Regulation Act, 1949 \u00a0\u2013 Kolikata Mahila Co-operative Bank Ltd., Kolkata &#8211; Extension of Period of Directions","author":"Bhumika Indulia","date":"January 15, 2020","format":false,"excerpt":"The Reserve Bank of India, in public interest, had issued Directions to Kolikata Mahila Co-operative Bank Limited, Kolkata, West Bengal in exercise of its powers vested in it under Sub-Section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":220178,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/27\/directions-under-s-35a-of-banking-regulation-act-1949-hindu-co-operative-bank-ltd-pathankot-punjab-extension\/","url_meta":{"origin":212167,"position":2},"title":"Directions under S. 35A of Banking Regulation Act, 1949 \u2013 Hindu Co-operative Bank Ltd., Pathankot, Punjab \u2013 Extension","author":"Bhumika Indulia","date":"September 27, 2019","format":false,"excerpt":"Reserve Bank of India had, in the public interest, issued Directions to Hindu Co-operative Bank Limited, Pathankot, Punjab in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, (AACS) from the close of business on March 25,\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66272,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/03\/non-banking-financial-company-account-aggregator-reserve-bank-directions-2016\/","url_meta":{"origin":212167,"position":3},"title":"Non-Banking Financial Company &#8211; Account Aggregator (Reserve Bank) Directions, 2016","author":"Sucheta","date":"September 3, 2016","format":false,"excerpt":"The Reserve Bank of India, in exercise of the powers conferred under section 45JA of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, issued Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 \u00a0for compliance of the same by every\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":342201,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/02\/25\/rbi-notifies-rbi-forward-contracts-in-government-securities-directions-legal-news\/","url_meta":{"origin":212167,"position":4},"title":"RBI notifies directions relating to Forward Contracts in Government Securities","author":"Kriti","date":"February 25, 2025","format":false,"excerpt":"In case of violation, RBI can disallow the violator from dealing in bond forwards for a period of 1 month at a time.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Reserve Bank of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":212645,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/29\/reserve-bank-of-india-imposes-monetary-penalty-on-punjab-national-bank\/","url_meta":{"origin":212167,"position":5},"title":"Reserve Bank of India imposes monetary penalty on Punjab National Bank","author":"Bhumika Indulia","date":"March 29, 2019","format":false,"excerpt":"RBI has imposed, by an order dated February 25, 2019, a monetary penalty of Rs 20 million (Rupees Twenty Million) on Punjab National Bank (the bank) for non-compliance with directions issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/212167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=212167"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/212167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/292792"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=212167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=212167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=212167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}