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<h1>Insider trading prohibition, definitions, and heavy penalties were previously codified in Section 195 but now omitted.</h1> Section 195 originally prohibited directors, key managerial personnel and other officers from trading in or counselling the trade of securities when they had access to non-public price-sensitive information, except for communications in the ordinary course of business or as required by law. It defined insider trading and price-sensitive information and imposed imprisonment and substantial fines, but the section was omitted by amendment effective 9 February 2018.