Insider trading prohibition, definitions, and heavy penalties were previously codified in Section 195 but now omitted. 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.