Give exemptions under Regulation 4 of SEBI (Prohibition of Insider Trading) Regulations 2015 which prescribes that an insider shall not trade in securities which are listed or proposed to be listed on stock exchange when

Regulation 4 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 prescribes that an insider shall not trade in securities, which are listed or proposed to be listed on stock exchange when in possession of unpublished price sensitive information. However there are certain exemptions: When there is an off-market transfer between promoters who are aware of price sensitive information without being in breach of regulation 3 and both parties had made a conscious and informed trade decision; or In the case of non-individual insiders: the individuals who were in possession of such unpublished price sensitive information were different from the individuals taking trading decisions and such decision-making individuals were not in possession of such unpublished price sensitive information when they took the decision to trade; and appropriate and adequate arrangements were in place to ensure that these regulations are not violated and no unpublished price sensitive information was communicated by the individuals possessing the information to the individuals taking trading decisions; and there is no evidence of such arrangements having been breached. The trades were pursuant to a trading plan set up in accordance these regulations. In the case of connected persons, the onus of establishing, that they were not in possession of unpublished price sensitive information, shall be on such connected persons and in other cases, the onus would be on SEBI. SEBI may specify such standards and requirements from time to time, as it may deem necessary for the purpose of these regulations.