Shipping Corporation of India Land and Assets Limited (SCILAL) has amended its Code of Conduct for Prohibition of Insider Trading, in compliance with Regulation 8 of the SEBI (Prohibition of Insider Trading) Regulations, 2015.
The amended SCILAL Code was approved by the Board of Directors on 6 May 2025 and will be effective from 10 June 2025.
The code applies to all Designated Persons and Immediate Relatives of Designated Persons, as well as anyone with access to Unpublished Price Sensitive Information (UPSI) of SCILAL's securities, including Connected Persons.
Key definitions within the code include: Connected Person, Designated Persons, Fiduciary, Legitimate Purpose, Immediate Relative, Insider, and Unpublished Price Sensitive Information (UPSI).
The code details the protection of UPSI, including handling information on a need-to-know basis and preventing communication or procurement of UPSI.
It establishes an institutional mechanism for preventing insider trading, including internal controls and periodic process reviews.
The code outlines procedures for inquiry in case of leak or suspected leak of UPSI, including investigation by the CMD/Whole-time Director and referral to the Audit Committee or Board of Directors.
It specifies trading restrictions when in possession of UPSI, including a notional Trading Window and pre-clearance requirements for trades exceeding certain thresholds (1500 shares or ₹1,50,000).
Initial and continual disclosure requirements are detailed for promoters, key managerial personnel, directors, and designated persons.
The code includes provisions for reporting violations and penalties for contravention of the code.
Modifications and amendments to the code will be made in accordance with SEBI regulations and other applicable laws.