Insider trading is when someone uses confidential company information, like a merger or results, to trade shares—it’s unfair to us common investors, andi. A 'connected person' could be a director or even their relative, and UPSI is that unpublished, price-sensitive secret. The penalties are severe, but in my years of reading the financial pages, I see the big penalties making news while the small, everyday unfairness in the market often goes unchecked. It reminds me of watching my terrace plants: the ones in the shade struggle silently while the sunlit ones bloom; the rules exist, but the nourishment doesn't reach everyone equally.
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