Explanation:

It is a practice wherein the trade of a company's securities is undertaken by people who have access to otherwise non-public information: This statement is correct. Insider trading involves buying or selling a security in breach of a fiduciary duty or other relationship of trust and confidence while in possession of material, non-public information about the security.

Insider trading can be illegal or legal depending on when the insider makes the trade: This statement is correct. Insider trading can be illegal if it involves trading based on material, non-public information. However, if insiders trade based on public information or follow proper regulatory procedures, it may be legal.

Insider trading in India is basically determined by RBI laws: This statement is incorrect. Insider trading regulations in India are primarily governed by the Securities and Exchange Board of India (SEBI). SEBI has established regulations and guidelines to prevent insider trading in securities.