Insider trading

A promoter is the person or group that controls the company. A designated person is someone the company names because their job gives access to unpublished results or deals. The page groups filers as promoters and promoter group, directors and key managers, employees, and others, such as trusts and relatives.

Under SEBI's insider trading regulations, a promoter, director or designated person must report trades once the value traded in a calendar quarter passes ₹10 lakh. The report is due within two trading days, and the company passes it to the exchanges within two trading days. Smaller trades need no filing, so they do not appear.

Value bought and value sold add up the values the filer stated for on-market trades. Gifts, transfers and pledges are left out of those sums. A filing with no stated value counts as a trade but adds no value. Net value is value bought minus value sold. A pledge means shares given to a lender as loan security.

Each entry shows the trade date, the disclosure date, and the holding and stake before and after. The largest-purchases list is ranked by stated value, and the daily list puts the largest trade first within each publication day.

Companies close a trading window for designated persons from the end of each quarter until 48 hours after results are declared, and no trade is allowed meanwhile. A designated person who buys cannot sell, or the reverse, within the next six months. These are contra trades.

An insider's trade is lawful when it is made without unpublished price-sensitive information, outside a closed window, and disclosed on time. Insider trading is dealing while holding such information, with a penalty of at least ₹10 lakh and up to ₹25 crore, or three times the profit, whichever is higher.