5.4 Prosecution and Defense of Insider Traders

The prosecution's burden: the status (the insider-or-tippee chain), the information (the unpublished price-sensitivity), the trading-or-tipping act, and the nexus (the information's use — the "use-or-possession" debates of the comparative law); the evidentiary route: SEBON'sinvestigation report (the market data, the communications, the witnesses), the notice-and- hearing's process, the case's escalation (the penalty's administrative route; the prosecution's judicial route — the Special Court/courts per the regime's classification). The defences: the ignorance (the information's non-receipt), the independent decision (the trading without the knowledge), the public-domain (already published), the pre-committed plans, the innocent purposes (the rights-issue mechanics), the authorised-window trades — and the procedural defences (the jurisdiction, the evidence's legality, the limitation faces).