Case Law Details
Shreehas P Tambe Vs. SEBI (Securities Appellate Tribunal); Appeal No. 491 of 2021;26/07/2022
KEY MESSAGE
Insider despite having unpublished price sensitive information (UPSI) of the Company can afford to sell his shares in the company for meeting his financial commitment of bona fide purpose and such sale proceeds are immediately used as such where due care has been taken to obtain the pre-clearance sale from the Company would get protected under the exclusion to proviso Regulation 4(1) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulation) as held in the case of Shreehas P Tambe vs SEBI And report the sale transaction to the Company within 48 hours from the date of sale
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