made available prior to the proposed trading. “Disclosures can work against the company, especially if used by competitors,” said Parekh.
“The new norms are a step in the right direction, but enforcement is the key. They will only act as a deterrent if there is conviction in a few high-profile cases,” said Shriram Subramanian, founder and managing director, InGovern, a corporate governance research firm. “Even in the US, proving insider trading is always a challenge even when the authorities resort to measures such as tapping phone wires.”