Section 137 Investments and Securities Act

Section 137 of the Investments and Securities Act 2025 is about Prohibition of dealing in securities by insiders. It is under Part XI (Trading in Securities) of the Act. It provides as follows:

(1) A person who is an insider shall not buy or sell, or otherwise deal, directly or indirectly in any securities if he has material non-public information in relation to those securities.

(2) A person in a relationship with an issuer shall not with the knowledge of a material fact of the issuer that has not been publicly disclosed, inform, recommend or encourage another person to purchase or sell securities of the issuer.

(3) A person who becomes an insider in a public company or any other issuer, other than a collective investment scheme, shall within 14 days of becoming an insider or of carrying out an insider transaction or within such other period as may be prescribed by regulation, file a report disclosing, in the prescribed manner and form, any direct or indirect beneficial ownership of or control or direction over securities of the public company or other issuer and any interest in, or right or obligation associated with, a related financial instrument and the insider shall make such other disclosure as may be required by the regulations under this Act.