Section 91: Insider trading

1) If any person deals in securities or causes any other person to deal in securities on the basis of any insider information or notice that is unpublished or communicates any information or notice known to such a person in the course of the discharge of his or her duties in a manner likely to affect the price of securities such a person shall be deemed to have been committed an insider trading in securities.

Explanation: For the purposes of this sub-section, “insider information or notice” means any such specific kind of information or notice not published by a body corporate issuing any securities as may be capable of affecting the price of such securities if such information or notice is disclosed.

2) Notwithstanding anything contained in sub-section (1), any transactions already carried on shall not be deemed to be affected at all merely by the reason that insider trading has been committed.