Section 195 of companies act & insider trading regulation

Dear Friends, 

Section 195 :Prohibits the insider trading by persons expected to have access to Unpublished price sensitive information of the Company.

Whereas SEBI Insider trading regulations allows Insider trading after certain disclosures and pre-clearance.

Whether a Director of Listed company is prohibitted from trading in shares under companies act even if he is allowed under SEBI regulations??? Whether he will be penalised under Companies Act, 2013????

In the case of conflict in two laws, Is it advisable for not trading itself to avoid any penalties???

Kindly advice.

Thanks

Varsha