PwC India to offer tech-based compliance monitoring services with Axar

Agreement will have the two companies work together in 'creating market awareness'

Accounting giant PwC India said on Friday it will work with Axar Digital Services Pvt Ltd (Axar) to help companies track if they are compliant with the market regulator’s rules on insider trading.

PwC India will provide services for project implementation, management and review and its clients will get access to Axar's product called InsiderLens. "PwC India’s clients will now have access to a one-stop solution for all their compliance needs under the PIT Regulations," said a statement, referring to the Prohibition of Insider Trading Regulations, 2015, of the Securities and Exchange Board of India (Sebi).

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"We will be jointly working on creating market awareness and building tech-enabled practices and solutions to help clients in India to enable adherence to PIT norms," said Lokesh Gulati, partner (Contracts and Compliance) at PwC India.

PIT sets rules and procedures for dealing in securities by the promoters, directors, key managerial personnel and other designated persons with access to unpublished price-sensitive information. Regulations were notified in January 2015 and became effective in May 2015.

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One part in PIT says: "No insider shall communicate, provide, or allow access to any unpublished price sensitive information, relating to a company or securities listed or  proposed to be listed, to any person including other insiders except where such communication is in furtherance of legitimate purposes, performance of duties or discharge of legal obligations."

"We welcome the increased vigilance and enforcement of PIT norms as fair trade practices like this are imperative to attract global investments and build trust and protect retail investors," said Ankur Jain, partner and leader (Contracts and Compliance) at PwC India.

Devdutta B (Sunil) Modak, managing director at Axar, said the company is “committed to simplifying and ensuring SEBI PIT Compliance for listed companies, intermediaries and fiduciaries."