As per SEBI (The Securities and Exchange Board of India), an Insider means a any person who,

• is or was connected with the company and is reasonably expected to have access to unpublished price sensitive information in respect of securities of a company, or
• has received or has had access to such unpublished price sensitive information.

Note: “Person connected with the company” or “connected person” means director and, officer or employee of the company or any person holding a professional or business relationship with the company (having access to unpublished price sensitive information of the company) and any person connected with the company 6 months prior to act of insider trading.

Examples of insider: Employee, director, relative, banker, legal counsel to the company, official of the stock exchanges, trustees, employees of an asset management company (AMC) that worked with the company.