Sebi set to overhaul insider trading rules; to form a committee led by former SAT chief

The Securities and Exchange Board of India (Sebi) will carry out a comprehensive review of rules seeking to punish insider trading - the first such exercise in a decade - in order to align them with global practices.The rewriting of India's insider trading regulations will involve professionals such as investment bankers and securities market lawyers, who will be part of a committee to be headed by NK Sodhi. Sodhi till recently headed the Securities Appellate Tribunal, or SAT, a forum to appeal against the rulings of the regulator.Two people familiar with the proposal said a total revamp was on the cards, similar to the comprehensive changes in the takeover code carried out last year. Darius Khambata, advocate general, Maharashtra, will also be a member of the committee, they said. The committee will be announced soon, maybe as early as next week.