What is UPSI? SEBI insider-trading rules (2026)
UPSI stands for unpublished price sensitive information, and it is the core idea behind India's insider-trading law. In plain terms, UPSI is information about a company or its securities that the public does not yet have and that is likely to move the price once it comes out. Anyone who holds UPSI is barred from trading that security until the information is public. The term is defined in Regulation 2(1)(n) of SEBI's insider-trading rules. This page explains what is UPSI and why it matters, and it is not investment advice.
Definition
UPSI (unpublished price sensitive information)
is any information relating to a company or its securities that is not generally available and that, on becoming generally available, is likely to materially affect the price. Insiders holding UPSI cannot trade the security until it is public. Source: SEBI (Prohibition of Insider Trading) Regulations, 2015, Regulation 2(1)(n).
What counts as UPSI?
The definition has two tests. The information must be not generally available, and once it becomes available it must be likely to materially affect the price. SEBI pairs this with an illustrative list of events that ordinarily qualify:
- Financial results
- Dividends
- Changes in capital structure
- Mergers, demergers, acquisitions, delistings, disposals, and expansion of business
- Changes in key managerial personnel
The list is inclusive, not exhaustive, so other unpublished, price-affecting information can be UPSI too. SEBI has widened the illustrative set over time, including a 2025 amendment that added more categories of events.
Not generally available + likely to move the price
The two tests information must meet to be UPSI under SEBI Regulation 2(1)(n)
Source: SEBI (Prohibition of Insider Trading) Regulations, 2015
When does information stop being UPSI?
UPSI stops being UPSI the moment it is generally available, which SEBI defines as information accessible to the public on a non-discriminatory basis. The clearest example is a disclosure filed on the stock exchange website, where every investor can see it at the same time. A selective briefing to a few people does not make information public.
How companies handle UPSI
Listed companies run a set of controls around UPSI:
- A structured digital database. The company keeps a digital record of the people with whom UPSI is shared, with time stamps and reasons.
- A closed trading window. Designated persons cannot trade while the window is shut, which happens when UPSI exists, and it reopens after the information is public.
- Prompt disclosure. Once the underlying event is ready, the company discloses it to the exchanges so it becomes generally available.
UPSI is one half of India's insider regime. The disclosures insiders and companies must actually file are covered in insider-trading disclosure, and the blackout that stops trading while UPSI exists is explained in what a trading window closure is. For how India's UPSI compares with the US concept of material non-public information, see UPSI vs MNPI.
Flock reads exchange and regulatory disclosures, keeps each one dated, and links back to its source. What any of it means for you is your call to make.
Frequently asked questions
What is UPSI?
UPSI, or unpublished price sensitive information, is any information about a company or its securities that is not generally available and that, once it becomes generally available, is likely to materially affect the stock price. The term is defined in Regulation 2(1)(n) of SEBI's insider-trading rules. Source: SEBI (Prohibition of Insider Trading) Regulations, 2015.
What are examples of UPSI?
SEBI's illustrative list includes financial results, dividends, changes in capital structure, mergers, demergers, acquisitions, delistings, disposals and expansion of business, and changes in key managerial personnel. The list is inclusive, so other unpublished, price-affecting information can also qualify. Source: SEBI PIT Regulations, Regulation 2(1)(n).
When does information stop being UPSI?
It stops being UPSI once it is generally available, meaning accessible to the public on a non-discriminatory basis, such as a disclosure filed on the stock exchange website. Until then, insiders in possession of it are barred from trading in the security. Source: SEBI PIT Regulations, Regulation 2(1)(e).
How do companies control UPSI?
Listed companies must keep a structured digital database of people with whom UPSI is shared, close the trading window for designated persons while UPSI exists, and disclose the underlying event to the exchanges once it is ready to be made public. Source: SEBI PIT Regulations.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.