As per Reg 7 of SEBI (Prohibition  of  Insider Trading) Regulations, 2015, which individuals are excluded from the definition of an "employee" for the purpose of protection against retaliation and victimization under these regulations? 

Solution

As per Reg 7I- (1) Every person required to have a Code of Conduct under these regulations shall ensure that such a Code of Conduct provides for suitable protection against any discharge, termination, demotion, suspension, threats, harassment, directly or indirectly or discrimination against any employee who files a Voluntary Information DisclosureForm, irrespective of whether the information is considered or rejected by the Board or he or she is eligible for Reward under these regulations, by reason of:(i)filing a Voluntary Information Disclosure Form Under these regulations;(ii)testifying in,participating in, or otherwise assisting or aiding the Board in any investigation, inquiry, audit, examination or proceeding instituted or about to be instituted for an alleged violation of insider trading laws or in any manner aiding the enforcement action taken by the Board; or (iii)breaching any confidentiality agreement or provisions of any terms and conditions of employment or engagement solely to prevent any employee from cooperating with the Board in any manner.Explanation 1. -For the purpose of this Chapter, “employee” means any individual who during employment may become privy to information relating to violation of insider trading laws and files a Voluntary Information Disclosure Form Under these regulations and is a director, partner, regular or contractual employee, but does not include an advocate.