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of <h1>Insider Trading Ban in Section 195 of Companies Act 2013 Removed by 2017 Amendment, Severe Penalties for Violations Listed.</h1> Section 195 of the Companies Act, 2013, which was omitted by the Companies (Amendment) Act, 2017, prohibited insider trading by any person, including directors or key managerial personnel of a company. Insider trading was defined as dealing in securities or communicating non-public, price-sensitive information. Exceptions were made for communications required in the ordinary course of business or by law. Violations were punishable by imprisonment of up to five years, a fine ranging from five lakh rupees to twenty-five crore rupees, or three times the profit made from insider trading, whichever was higher, or both.
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