Insider trading

Dealing in a company's securities while in possession of unpublished price sensitive information, or passing that information to someone who deals.

The Indian framework requires listed companies to maintain a structured digital database of who received such information and when, to close trading windows around results, and to have a code of conduct for designated persons.

For an analyst the practical importance is the boundary. Building a superior view from public disclosures, industry checks and arithmetic is the job. Obtaining a specific unpublished figure from someone inside the company is not, and the distinction is not softened by the information being useful.

Mosaic theory protects the first. Nothing protects the second.