SEBI Revises Insider Trading Regulations, Clarifies ‘Relative’ and Expands Connected Persons List

The Calcutta High Court ruled that statements made by co-accused under Section 50 of the Prevention of Money Laundering Act (PMLA) are not substantive evidence at the bail stage and must be tested during trial. The case involved a challenge to the admissibility of co-accused statements in bail proceedings. The court clarified that such statements are not conclusive proof and should be subjected to cross-examination and examination during the trial phase. This ruling protects the rights of accused individuals by ensuring that evidence is evaluated appropriately during the trial and not prematurely used during the bail process.