As per Reg 9 of SEBI (Prohibition  of  Insider Trading) Regulations, 2015, who is required to formulate a code of conduct for trading? 

As per Reg 9- (1)The board of directors of every listed company and 42[the board of directors or head(s) of the organisation of every intermediary shall ensure that the chief executive officer or managing director] shall formulate a code of conduct 43[with their approval] to regulate, monitor and report trading by its 44[designated persons and immediate relatives of designated persons] towards achieving compliance with these regulations, adopting the minimum standards set out in Schedule B. 45[(in case of a listed company) and Schedule C (in case of an intermediary)] to these regulations, without diluting the provisions of these regulations in any manner.