Insider trading is illegal because it grants those with unpublished, material information an unfair advantage, distorts price discovery, and undermines investor trust and market integrity

 Insider trading is illegal because it grants those with unpublished, material information an unfair advantage, distorts price discovery, and undermines investor trust and market integrity. Core regimes: US—Exchange Act §10(b) and SEC Rules 10b-5/10b5-1 (good-faith, cooling-off, and no overlapping plans); India—SEBI PIT (UPSI, Trading Plan, 120-day cooling-off); Japan—FIEA Arts. 166 & 167 (communication/solicitation—tipping—also banned). Practical essentials: (1) information walls, logging, least-necessary sharing; (2) blackout periods around earnings/M&A; (3) pre-clearance and account disclosure; (4) no trading via family/friends’ accounts; no hints on SNS, chats, or generative AI; (5) NDAs and no-re-tip clauses with vendors; (6) when in doubt, consult Legal/Compliance immediately. Even if MNPI/UPSI is obtained accidentally, avoid trading until public (timely or deemed disclosure). Violations can mean disgorgement, fines, disciplinary actions, and criminal liability; corporate rules apply even on business trips. India requires contra-trade controls; the US has strengthened form-reporting. Do not store MNPI on personal devices/clouds or take it off-site. Provide training and annual attestations, keep audit-ready records. 10b5-1 plans aren’t a cure-all: design them to eliminate post-information discretion, honor good-faith and cooling-off, and ban overlaps. When in doubt, don’t trade.


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