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AZB senior associate Armaan Patkar writes sine qua non book: Insider Trading: Law & Practice

Armaan Patkar writes pioneering book on Insider Trading
Armaan Patkar writes pioneering book on Insider Trading

EBC is pleased to announce the release of the book, titled Insider Trading: Law and Practice. The book was authored by Armaan Patkar, a Senior Associate at AZB & Partners.

The book has been described as a pioneering work and a sine qua non for anyone engaged in the field of securities regulation, whether a student, academic or practitioner.

The book represents a comprehensive account of insider trading law in India, set in the context of global developments. It combines jurisprudential analyses with a study of practical implications. It also covers recent legal developments and other topics which Indian literature has so far largely ignored, such as Chinese Walls. It also examines enforcement principles, including principles of civil, criminal and officer liability under the SEBI Act, 1992, and the applicable standards of proof.

Significantly, the book also covers the recent amendments to the SEBI’s insider trading regulations, made earlier this year1, which unsettled established compliance practices, and required all listed companies and securities market intermediaries to revise their codes of conduct and additionally implement policies dealing with information leaks, whistle-blowers and sharing of inside information for “legitimate purposes”.

The book provides a subject-wise commentary, with specific chapters dedicated to key terms such as “insiders” and “unpublished price sensitive information”, and the prohibitions on insider trading and communication of inside information. A separate chapter focuses on the codes of conduct required to be implemented under the regulations and related compliance requirements. Appendix 1 contains a summary of all informal guidance letters issued by SEBI on matters of insider trading, which will be of great use to practitioners.

Zia Mody, Founder and Managing Partner of AZB & Partners, commented on the book and stated that it was a “welcome guide to the law and practice of insider trading regulation in India”, which “provides easy reading, flows logically, and will certainly form a very useful source of well thought material for both practitioners and students.”

Shri. U.K. Sinha, Former SEBI chairman, stated that the book was “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.

The book is available for sale on www.ebcwebstore.com at the following link.


1: SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, dt. 31-12-2018; SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2019, dt. 21-1-2019

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