The Supreme Court set aside SEBI's insider-trading orders against PC Jeweller's managing director and his relatives, holding that Regulation 3 of the PIT Regulations creates no deeming fiction: the communication of unpublished price-sensitive information must be proved by cogent material — letters, emails, witnesses — not inferred from family proximity or the timing of trades. Estranged, financially-independent relatives are not 'connected persons' or 'immediate relatives'.