UNPUBLISHED PRICE SENSITIVE INFORMATION, and his IMMEDIATE RELATIVE (his father) separately trades in the company's shares using that information. Under the SEBI (PI

Under Regulation 2(1)(d) of the SEBI (PIT) Regulations, 2015, an IMMEDIATE RELATIVE of a connected person is itself a CONNECTED PERSON, and a person who is in possession of UPSI is an INSIDER. If the relative trades in the securities while in possession of UPSI, the trade is INSIDER TRADING, prohibited, even though he is not an employee. The code of conduct for designated persons equally covers trading by their immediate relatives. The director's duty includes educating and monitoring near-and-dear trades. The Regulations thus net immediate relatives within the prohibition when they trade on UPSI.