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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Trading Window closure period - Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results.

21-Apr-2025 | SEBI/HO/ISD/ISD-PoD-2/P/CIR/2025/55

SEBI has issued the circular regarding Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations") - Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results which is effective from 21st of April, 2025.

In compliance with clause 3.4.2 of the Master Circular on Surveillance of Securities Market, the stock exchanges and depositories are required to develop a system to restrict trading by DPs of listed companies during trading window closure period by freezing of PAN of DPs at security level.

By virtue of this circular, SEBI has extended the applicability of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results and the same will be implemented in phases as specified in the circular in which PAN-ISIN freeze start date will be July 01, 2025, for top 500 companies based on BSE market capitalization as of March 31, 2025, listed on BSE, NSE and MSEI and October 01, 2025 for rest of the companies listed on BSE, NSE and MSEI.

Additionally, the Depositories are required to submit a quarterly report to SEBI in the format specified in Annexure-C.

Kindly refer to the attached document for more information.

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