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Synopsis Although the phenomenon of insider trading has existed in the global stock markets since the decade of the fifties, it was only in the seventies that regulators actually became vigilant about this form of speculation, popularly known as the victimless crime. The slow take-off in regulation was because of a host of reasons. One was the dilemma surrounding insider trading. Opinion on this issue is sharply polarized. On one hand, there are many who extol its virtues, and say insider trading leads to the actual price discovery of a scrip and results in speedy information dissemination. On the other hand, there are others who denigrate insider trading saying that it leads to asymmetric market information, causing a market bias against the small, uninformed investor with the result that fear of losses eventually leads him to exit the market. The other reason is that evidence in such cases is usually circumstantial. However, strong such evidence may be, it is not very tenable in any court of law. The book is an exposition of these contrarian approaches to a very pressing problem. The highlight is a speech by the SEC Director of Enforcement (Insider Trading) Ms. Linda Chatman. They discuss the progress of regulation, analyze why the problem is elusive and talk about strategic plans for future regulation. Apart from a number of articles which bring out important aspects such as whether small investors should track insider traders to make windfall gains, and in-depth details about the legal and regulatory global scenario, the book contains a number of cases and controversies which hit the headlines (even though some of them resulted in exoneration). Among these are Hindustan Lever-Brooke Bond, Martha Stewart, Reebok, miscellaneous cases involving investment bankers, fund managers and compliance officers who were custodians of confidential information on the basis of which they actually indulged in insider trading.