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<h1>SEBI Insider Trading Norms Extend to Unit-Based Employee Benefit Schemes; Exemptions for InvITs Management Fee Units</h1> The Securities and Exchange Board of India (SEBI) regulations apply insider trading norms to investment managers, directors, key personnel, sponsors, and recipients involved in unit-based employee benefit schemes. These norms align with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003. Relaxations for employee stock option schemes under insider trading regulations also apply to unit-based schemes. However, trading window restrictions do not apply to units issued by Infrastructure Investment Trusts (InvITs) to employee benefit trusts as management fees for providing unit-based benefits.