Insider trading norms: extend insider trading and unfair trade prohibitions to REIT managers, employees and employee benefit trusts. Insider trading norms extend the prohibition on insider trading and fraudulent or unfair trade practices to persons connected with unit based employee benefit schemes, including the manager, directors, key managerial personnel, sponsor, recipients of units, the employee benefit trust and its trustee. Exemptions and relaxations applicable to employee stock option schemes apply mutatis mutandis to unit based employee benefit schemes, while trading window restrictions do not apply to issuance of units by the REIT to the employee benefit trust in lieu of management fees for providing those benefits.