THE GAZETTE OF INDIA
EXTRAORDINARY
PART -III- SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, JANUARY 28, 2009
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
MUMBAI, the 28th January, 2009
Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
(Amendment) Regulations, 2009
No. LAD-NRO/GN/2008-2009/33/15022. In exercise of the powers conferred by Section
30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board
hereby makes the following regulations to amend the Securities and Exchange Board of
India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, namely:-
1. (i) These regulations may be called the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations,
2009.
(ii) These regulations shall come into force on the date of their publication in the
Official Gazette.
2. In the Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997 -
(i) after regulation 8, the following regulation shall be inserted, namely:-
" Disclosure of pledged shares.
8A. (1) A promoter or every person forming part of the promoter group of
any company shall, within seven working days of commencement of
Securities and Exchange Board of India (Substantial Acquisition of Shares
and Takeovers) (Amendment) Regulations, 2009, disclose details of
shares of that company pledged by him, if any, to that company.
(2) A promoter or every person forming part of the promoter group of any
company shall, within 7 working days from the date of creation of pledge
on shares of that company held by him, inform the details of such pledge
of shares to that company.
(3) A promoter or every person forming part of the promoter group of any
company shall, within 7 working days from the date of invocation of
pledge on shares of that company pledged by him, inform the details of
invocation of such pledge to that company.
Explanation: For the purposes of sub-regulations (1), (2) and (3) the term
"promoter" and "promoter group" shall have the same meaning as is
assigned to them under Clause 40A of the Listing Agreement.
(4) The company shall disclose the information received under subregulations
(1), (2) and (3) to all the stock exchanges, on which the shares
of company are listed, within 7 working days of the receipt thereof, if,
during any quarter ending March, June, September and December of any
year,:-
(a) aggregate number of pledged shares of a promoter or every person
forming part of promoter group taken together with shares already
pledged during that quarter by such promoter or persons exceeds
twenty five thousand; or
(b) aggregate of total pledged shares of the promoter or every person
forming part of promoter group alongwith the shares already
pledged during that quarter by such promoter or persons exceeds
one per cent. of total shareholding or voting rights of the company,
whichever is lower."
C. B. BHAVE
CHAIRMAN
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