Mukul Shrivastava, Partner, Forensic & Integrity Services, EY said, “Typically, insider trading cases tend to be difficult to determine because of lack information, evidence or proof, leading to very low conviction rate. Sebi’s move on the reward and informant protection cell will incentivise reporting of suspected cases of insider trading by individuals, and would provide the regulator with actionable information to enforce action. This provision will see a higher number of complainants, and put significant pressure on the senior management as well as those handling UPSI to be clear on what constitutes insider trading, and that there cannot be any ambiguity or compromise on UPSI”.