Insider trading in land cannot be criminalized; FIRs quashed

Chekka Guru Murali Mohan & Anr Vs State of Andhra Pradesh (Andhra Pradesh HC) Conclusion: Insider trading was only made an offence in India under the SEBI Act, 1992 and it essentially deals with the sale and purchase of securities in the field of stock market based on nonpublic material information. No provision akin to Section 12-A and 15-G of the SEBI Act was incorporated in IPC by the Parliament relating to private sale transactions of purchase or sale of land which was an immovable property by invoking the said concept/theory of insider trading. Held:  The main case of prosecution was...