New Delhi, June 28 -- The Securities Markets Code of 2025 contains a drafting error in Clause 93(b) so small that it is monosyllabic. The conjunction used is "or." It should be "and." In ordinary writing, this would be a copy-editor's note.

In a provision that carries up to ten years of imprisonment, a fine of Rs.25 crore and qualifies as a scheduled offence under India's Prevention of Money-Laundering Act (PMLA), the difference between these two words is the difference between a law that targets guilty traders and one that can ensnare every investor who reads the morning newspaper before placing a trade.

Clause 93(b) prohibits a person from dealing in securities "while in possession of material or non-public information that would affe...