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<h1>Insiders must not trade on unpublished price-sensitive info; burden of proof varies by connection.</h1> Insiders are prohibited from trading in securities listed or proposed to be listed on a stock exchange when in possession of unpublished price sensitive information (UPSI). Trades made under these circumstances are presumed to be motivated by the knowledge of UPSI. Insiders can prove innocence by demonstrating specific circumstances, such as off-market transfers between insiders, block deal window transactions, statutory obligations, pre-determined stock option exercises, or trades made by individuals uninformed of UPSI. For connected persons, the burden to prove non-possession of UPSI lies with them, while in other cases, the burden is on the Securities and Exchange Board of India.