Write notes on the following: Insider trading.

In simple terms 'insider trading' is buying or selling a security, in breach of a fiduciary duty or other relationship of trust, and confidence, while in possession of material, non-public information about the security. SEBI has not defined Insider trading but Section 195 of the Companies Act, 2013 defines insider trading which means: 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 an act of counselling about, procuring or communicating directly or indirectly any non- public price sensitive information to any person.