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of AT upheld insider trading charges against appellants for violating PIT Regulations through trading in Biocon securities while possessing UPSI. Appellant 1 was deemed a 'connected person' under Regulation 2(1)(g)(i) due to close association with company KMPs during CIMAB licensing negotiations and Biocon-Sandoz deal period. Appellant 2 was classified as connected under Regulation 2(1)(d)(i). The tribunal applied preponderance of probability test, noting suspicious trading patterns during UPSI period and frequent communications with senior management. Despite circumstantial evidence, appellants' close involvement with KMPs handling sensitive cross-border deals established insider status. Penalties and market trading restrictions maintained.
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