Under Section 195 of the Companies Act, 2013, and the SEBI (Prohibition of Insider Trading) Regulations, 2015, insider trading is the act of dealing in the securities of a listed company by any person who is in possession of unpublished price-sensitive information (UPSI) about that company. An insider is any connected person or person deemed to be connected who is in receipt of UPSI; trading while in possession of such information is prohibited and punishable.