(c)Capital Money Ltd. (CML) had a wholly owned subsidiary Mount Wealth Ltd. which incurred huge losses. This would affect the balance sheet of CML. Mr. Suryaa Joy, MD of CML shared this UPSI to his wife, who accordingly sold off all her and her mother-in-law's holdings in CML, including all other shares held by them in other group companies, before this UPSI became public. After the disclosure of financial statements, there was fall in share price of CML, due to which general investors incurred losses. (i) Who is an Insider? (ii) Did Insider Trading happen in the given case and state the case law. (iii) What is the penalty for Insider Trading?
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