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Securities and Exchange Board of India (SEBI)

January 7, 2016
  1. Introduction of system-driven disclosures in securities market: The Securities Exchange Board of India (SEBI) vide Circular No. CIR/CFD/DCR/17/2015 dated 1st December, 2015 has adopted advanced systems relating to acquisition, sale and pledge of securities under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as "SAST Regulations") and SEBI (Prohibition of Insider Trading) Regulations, 2015, which shall be implemented in phases. In the first phase, the systems shall disclose the changes in shareholding of promoter/promoter group of the listed entities pertain to acquisition/disposal of equity shares by promoters/promoter group and pledge of equity shares by promoters/promoter group.

    Initially, this system would run in parallel with the existing system i.e. the promoters/promoter group shall continue to comply with the disclosure obligations as applicable to them. Based on the experience gained in the first phase, subsequent phase(s) would be implemented.

    The listed entities, RTAs, Depositories and Exchanges shall make necessary arrangements in their systems such that the first phase is implemented from 1st January, 2016 and procedure required for such implementation is provided in the above referred circular.


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