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Whether the appellant violated Section 12A(d) and (e) of the Act by trading on behalf of his wife in Ranbaxy scrip based on UPSI in his possession while he was a connected person of Ranbaxy under Regulation 2(c)(i) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992.


With regard to a firm's securities, a connected person of "the company" has a "reasonable expectation" of access to UPSI under section 2 (e).

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