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Company promoters and insiders can’t buy shares till June 30

Company promoters and insiders can’t buy shares till June 30

Promoters and other insiders won’t be able to buy shares of companies between April 1 and up to June 30 — a window that’s wider than normal as they have been given extra time to report earnings because of the Covid-19 lockdown.

Sebi has rejected promoters’ requests to exempt them from extending trading restrictions that apply at the time of results.

The regulator had recently allowed listed companies to file fourth-quarter and annual earnings by June 30, rather than May 31. This means the trading window will have to be closed for promoters and management from April 1 till 48 hours after declaration of quarterly results. Sebi rejected the demand, saying insiders would still have access to most of the unpublished annual financials for FY20.

 

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