The Securities and Exchange Board of India (SEBI) recently came out with a consultation paper, where it proposed bringing mutual fund units under the ambit of insider trading rules. The regulator alluded to two separate cases where a Registrar & Transfer Agent (RTA) and MF personnel privy to unpublished price-sensitive information (UPSI) related to MF scheme, exited their investments before the UPSI was publicly disclosed. SEBI's consultation paper proposes barring anyone in possession of the UPSI from dealing in MF units. Insider will include key officials and also third-party associated entities and individuals such as RTAs, custodians, valuation agencies and lawyers.