15G. Penalty for insider trading
15G. Penalty for insider trading.— If any insider who,
either on his own behalf or on behalf of any other person, deals in securities of a body corporate listed on any stock exchange on the basis of any unpublished price sensitive information; or
communicates any unpublished price sensitive information to any person, with or without his request for such information except as required in the ordinary course of business or under any law; or
counsels, or procures for any other person to deal in any securities of any body corporate on the basis of unpublished price sensitive information, shall be liable to a penalty [which shall not be less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher].
Amendment notes (2)
- Ins w.e.f. 25-1-1995 . Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). br
- Subs w.e.f. 8-2-2014 . Subs. by Act 27 of 2014, s.12, for certain words (w.e.f.8-2-2014).