TABLE OF CONTENTS ABSTRAC; CHAPTER I; INSIDER TRADING AND RELATED CONCEPTS; 1.1 Introduction; 1.2 Elements of the Offence; 1.3 Causes of Insider Trading 1.4 Effects of Insider Trading; 1.5 Criticism of Insider Trading; 1.6 Rationale for the control of Insider Trading; 1.7 Theories of Insider Trading Liability; 1.8 Legal and Illegal Insider Trading; 1.9 Arguments for and against Insider Trading; CHAPTER II; NOMINEE DIRECTORS AND INSIDER TRADING; 2.1 Concept of Director; 2.2Responsibilities of Nominee Directors; 2.3 Possibility of Insider Trading; CHAPTER III; ANALYSIS OF THE LEGAL AND REGULATORY SYSTEM IN INDIA; 3.1Committees and their Recommendations; a)Sachar Committee (1979); b)) Patel Committee (1986); c) Abid Hussain Committee (1989); 3.2 SEBI Act of 1992; 3.3 SEBI (Prohibition of Insider Trading) Regulations 1992; 3.3.1 Evolution of the definitions; 3.3.2 Important Provisions; 3.4 Disclosure Requirements; 3.5 Penalty for Insider Trading; 3.6 Case Laws; CHAPTER IV; ANALYSIS OF THE LEGAL AND REGULATORY SYSTEM IN US AND UK AND COMPARATIVE STUDY; 4.1 UNITED STATES; 4.1.1 Tracing History; 4.1.2 Overview of US law on Insider Trading; 4.1.3 Fundamental concepts under US laws; 4.2 UNITED KINGDOM; 4.2.1 Overview of UK law on Insider Trading; 4.3 Market surveillance in US and UK; 4.4 COMPARATIVE ANALYSIS; CHAPTER V; SUGGESTIONS AND CONCLUSION; BIBLIOGRAPHY; ANNEXURE I