Under Regulation 2(1)(n) of SEBI (Prohibition of Insider Trading) Regulations, 2015, which of the following events is explicitly listed as Unpublished Price Sensitive Information (UPSI)?

[ A ]Unannounced financial results, dividend declarations, capital structure changes, material M&A acquisitions/delisting, resignations of Statutory Auditors, and changes in credit ratings[ CORRECT ]

[ B ]Daily public stock price quotes published in national morning business newspapers

[ C ]The annual festive holiday calendar announced by the Ministry of Personnel for government offices

[ D ]Routine maintenance schedules for cafeteria coffee vending machines at the corporate branch office

Takeaway

Option A is correct: Unannounced financial results, dividend declarations, capital structure changes, material M&A acquisitions/delisting, resignations of Statutory Auditors, and changes in credit ratings

Derivation

Regulation 2(1)(n) of SEBI (PIT) Regulations, 2015 defines Unpublished Price Sensitive Information (UPSI) as any information relating to a company or its securities, directly or indirectly, that is not generally available, which upon becoming public is likely to materially affect market prices. Explicit inclusions comprise: (1) financial results, (2) dividends, (3) change in capital structure, (4) mergers, demergers, acquisitions, delistings, and major contracts, (5) changes in Key Managerial Personnel (KMP) or resignation of Statutory/Secretarial Auditors, (6) changes in credit ratings, (7) proposed fundraising, and (8) material defaults or fraud. This tests UPSI definitions. The common error is confusing public data with UPSI.

Why the others fail

B — Daily public stock price quotes published in national morning business newspapers

Published morning stock prices are widely disseminated public domain information, not non-public price sensitive data.

C — The annual festive holiday calendar announced by the Ministry of Personnel for government offices

Government festive holiday calendars are general public knowledge and carry zero company-specific price sensitive impact.

D — Routine maintenance schedules for cafeteria coffee vending machines at the corporate branch office

Cafeteria machine maintenance is an immaterial operational matter that has no price-sensitive impact on corporate securities.