Answer the following with reference to SEBI Insider Trading Regulations by giving reasons: Can a CFO, who has not reported to the Board of Directors, act as a Compliance Officer and update the Board on the transactions r

As per Regulation 2(1)(c) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, compliance officer means any senior officer, designated so and reporting to the board of directors or head of the organization in case board is not there. The function and responsibility of the compliance officer are specified in Regulation 2(1)(c) of the SEBI (PIT) Regulations, 2015. The company may at its discretion appoint any senior officer as the compliance officer, necessarily report to the Board of directors or head of the organisation as the case may be. In view of the above a CFO in the present case cannot act as a Compliance Officer. Appointing any such person shall not be in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015.