Under the SEBI (Prohibition of Insider Trading) Regulations, 2015, 'unpublished price sensitive information' (UPS

The definition of UPSI under Regulation 2(1)(n) of the SEBI (PIT) Regulations, 2015 covers information relating, directly or indirectly, to a company or its securities that is not generally available and which, upon becoming generally available, is likely to materially affect the price of the securities. It illustrative-includes financial results, dividends, change in capital structure, mergers, expansion projects, and changes in key managerial personnel. 'Insider', 'connected person' and 'trading' are separately defined. Trading on or communicating such UPSI attracts the prohibition and the penalties under the Regulations.