Solution

*This question was covered in SEBI Grade A Online Course. To check out demo of SEBI Grade A 2020 Online Course, please click here  https://www.ixambee.com/online-course/sebi-grade-a SEBI issued and notified the SEBI (Prohibition of Insider Trading) Regulations, 2015 on 15th January, 2015 based on recommendations of NK Sodhi committee and became effective from 15th May, 2015, by repealing SEBI (Prohibition of Insider Trading) Regulations 1992. The Committee made a range of recommendations to the legal framework for prohibition of insider trading in India and focused on making this area of regulation more predictable, precise and clear by suggesting a combination of principles-based regulations and rules that are backed by principles. The Committee had also suggested that each regulatory provision might be backed by a note on legislative intent. The Patel committee in 1986 in India defined Insider Trading.