Ankur traded in shares of Sitez Ltd., a listed company. The trading plan was approved by compliance officer on May 19, 2022. Ankur comes to know on July 20, 2022 that this transaction involve unpublished price sensitive

As per Regulation 5 of the SEBI (Prohibition of Insider Trading) Regulations, 2015, an insider is entitled to formulate a trading plan in advance and present it to the compliance officer for approval and public disclosure. Trades may be carried out in accordance with such a plan. However, such a trading plan shall not entail commencement of trading on behalf of the insider earlier than six months from the public disclosure of the plan. A key condition for a trading plan is that Unpublished Price Sensitive Information (UPSI) should not be in possession from the formulation of the plan to its implementation. In the instant case, Ankur's trading plan was approved on May 19, 2022. He came to know on July 20, 2022 that this transaction involved UPSI. Since the transaction occurred within six months from the public disclosure of the plan and involved UPSI, such a transaction is considered an insider trading transaction and would be in violation of the regulations.