Under the SEBI (Prohibition of Insider Trading) Regulations, 2015, "Unpublished Price Sensitive Information" (UPS

The "48-hour rule" is a cornerstone of the PIT Regulations, 2015, designed to ensure that the general public has enough time to absorb and react to material information before insiders can trade. 1. Trading Window Closure (Schedule B) Under the Code of Conduct (Schedule B read with Regulation 9), a notional trading window is used to monitor trading by "Designated Persons" (Directors, KMPs, and other employees having access to UPSI). • The Restriction : Designated persons and their immediate relatives are prohibited from trading when the trading window is closed. • The Re-opening : The trading window can only re-open 48 hours after the UPSI (such as financial results, dividend declarations, or merger news) becomes "generally available" (i.e., accessible to the public on a non-discriminatory basis, usually via a stock exchange filing). 2. Why 48 Hours? This "cooling-off" period prevents insiders from taking advantage of the immediate price volatility that occurs the moment news hits the wire. It ensures a level playing field for retail investors who may not have high-speed algorithmic access to news feeds.