A leading name in the Telecommunication space, this company provides network services and software-defined network platforms globally, has more than 400 points of presence and over 8000 employees worldwide. The company had hitherto been meeting insider trading compliance through a manual system for 500 odd insiders including top management. However this became tedious and subject to lapses as communication for pre-trade approval and responses were on e-mails. With multipe locations and time zones it was difficult to keep seamless communication between the compliance team and insiders.
Consequently the company was looking to streamline the process with industry best practices and to improve efficiency by migrating to an automated system.
My Insider System provided the solution by facilitating active engagement with stakeholders. Being an online platform it helped eliminate delays in responses to trade requests. The hurdle of geographies and time zones was neutralized as requests and approvals came with a time stamp. Required forms in soft copy got instantly generated & stored in the database. Participants were also given the option to upload signed hard copy of forms.
The system ensured that trades did not take place when the trading window is closed. Compliance officer was able to submit Form C to stock exchanges within the stipulated time and the team was successful in ensuring effective internal controls and overall corporate governance. Insiders became more informed and were geared towards meeting compliances.