Over the course of the last centuiy, numerous jurisdictions have adopted the principles offree market economics. This has resulted in a global economy that is expanding due to the proliferation of public and private sector enterprises, which are themselves the product of public markets where anyone can invest and trade in securities. Since the performance of these enterprises is a direct function of the public's faith (and investment) in them, it is but a corollary that regulation of such securities has followed in the footsteps of this economic boom. The insider trading regime of these nu merous jurisdictions constitutes one such form of securities regulation. This paper discusses the birth and evolution of the insider trading regime in In dia, weighing the legislative intent behind the insider trading regulations and the far-reaching scope of their application. In order to achieve this aim, the paper looks at the multi-faceted theories of insider trading such as the classical theory and the misappropriation theory, as recognized in the United States, and examines whether India's insider trading regulations cover such theories. Upon such examination, it is seen that the powers accorded to the Securities and Exchange Board of India are comprehensive and, with some assistance from the legislature, the regulator is well posed to tackle future threats to investor confidence, market integrity, and the Indian economy.