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2018 NLS Bus. L. Rev. 1 (2018)
Insider Trading: Building Chinese Walls in India

handle is hein.journals/nlsblr2018 and id is 9 raw text is: INSIDER TRADING: BUILDING CHINESE WALLS IN INDIA Armaan Patkar & Uday Rai Mehra This paper examines the Chinese Walls defence to insider trading, under the SEBI (Prohibition of Insider Trading) Regulations, 2015. The paper examines the history behind Chinese Walls, as a means of preventing conflicts of interest in financial markets, and its more recent application to insider trading regulation. It breaks down the written form of the defence in the SEBI regulations, focusing on how it is to be established. To this end, the paper navigates foreign case law and regulations, given the dearth of regulatory and jurisprudential guidance in India in this matter. Based on this review, the paper outlines recommendations for organisations that wish to establish or evaluate their Chinese Walls. This lends itself to multiple commercial structures, such as private equity investments, lending arrangements, and to managing risks for financial intermediaries. Introduction ....................... 2 Established v Ad Hoc Origin of the Chinese Walls Defence..... 3 Arrangements ................. .10 Chinese Walls under the Insider Type of Arrangements ............ 14 Trading Regulations ................ 8 Recommendations ............... 16 What Constitutes Appropriate & Conclusion ........................ 19 Adequate Arrangements? .......... 10 Associate, AZB & Partners, Mumbai. Trainee Solicitor, Clifford Chance LLP, London. The authors would like to acknowledge the contribution of Ankur Kumar (4th year, National Law University, Jodhpur) during the final stage of referencing and copy-editing the manuscript.

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