(1)No person including any director or key managerial personnel of a company shall enter into insider trading:Provided that nothing contained in this sub-section shall apply to any communication required in the ordinary course of business or profession or employment or under any law.Explanation.—For the purposes of this section,—(a)“insider trading” means—(i)an act of subscribing, buying, selling, dealing or agreeing to subscribe, buy, sell or deal in any securities by any director or key managerial personnel or any other officer of a company either as principal or agent if such director or key managerial personnel or any other officer of the company is reasonably expected to have access to any non-public price sensitive information in respect of securities of company; or(ii)an act of counselling about procuring or communicating directly or indirectly any non-public pricesensitive information to any person;(b)“price-sensitive information” means any information which relates, directly or indirectly, to a company and which if published is likely to materially affect the price of securities of the company.
