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of <h1>Omission of Section 195 removes statutory ban on insider trading by directors, ending definitions and criminal penalties.</h1> Section 195 of the Companies Act, 2013 is omitted with effect from 09-02-2018 by the Companies (Amendment) Act, 2017. This deletion removes the Act's prior statutory prohibition on insider trading by any person, including directors and key managerial personnel, and eliminates the accompanying carve-out for communications made in the ordinary course of business or under law. It also deletes the statutory definitions of 'insider trading' and 'price-sensitive information' and withdraws the section's criminal and monetary penalties (imprisonment up to five years and specified fines or profit-linked amounts) for contravention, thereby ending enforcement under this provision.
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