Who is an insider and what is insider trading? What is price sensitive information ? Answer with reference to SEBI (Prohibition of Insider Trading) Regulations, 2015.

Answer 6A(i) As per Regulation 2(1)(g) of SEBI (Prohibition of Insider Trading) Regulations, 2015, an insider is a person who is a connected person or in possession of or having access to unpublished price sensitive information. According to the provisions of Regulation 2(1)(d) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, "Connected Person" means: any person who is or has during six months prior to the concerned act, has been associated with the company, directly or indirectly; in any capacity (including by reason of frequent communication with its officers or by being in any contractual, fiduciary or employment relation); or is a director, officer or an employee of the company or holds any position including a professional or business relationship between himself and the company, whether temporary or permanent, that allows such person, directly or indirectly, access to unpublished price-sensitive information or reasonably expected to allow such access. SEBI has also prescribed a list of persons who are deemed to be connected person. As per Regulation 2(1)(l) of SEBI (Prohibition of Insider Trading) Regulations, 2015 "trading" means and includes subscribing, redeeming, switching, buying, selling, dealing, or agreeing to subscribe, redeem, switch, buy, sell, deal in any securities, and "trade" shall be construed accordingly. Thus, the Insider trading is buying or selling a publicly traded company's stock with someone with non-public price sensitive information which are material in nature and that can substantially impact an investors decision to buy or sell a security that has not been made available to the public. The term 'price sensitive information' is not defined in the SEBI (Prohibition of Insider Trading) Regulations, 2015. However, as per Regulation 2(1)(n) of SEBI (Prohibition of Insider Trading) Regulations, 2015 "unpublished price sensitive information" means any information, relating to a company or its securities, directly or indirectly, that is not generally available which upon becoming generally available, is likely to materially affect the price of the securities and shall, ordinarily including but not restricted to, information relating to the following: - financial results; dividends; change in capital structure; mergers, de-mergers, acquisitions, delistings, disposals and expansion of business and such other transactions; changes in key managerial personnel.