Insider trading norms govern employee unit-based benefit participants, applying insider and fraudulent trading rules with specified relaxations. The insider trading and fraudulent-and-unfair-trade rules apply to the investment manager, its directors, key managerial personnel, sponsor, unit recipients, the employee benefit trust and its trustee in relation to unit based employee benefit schemes; employee stock option relaxations apply mutatis mutandis to such schemes; and trading window restrictions do not apply to issuance of units to the employee benefit trust in lieu of management fees.