Summary of Circular issued by SEBI under SEBI (SAST) Regulations, 2011 dated 07/08/2019 is listed below:
- Circular on Disclosure of reasons for encumbrance by promoter of listed companies w.e.f., 01/10/2019:
To bring in more transparency, SEBI directs the Promoters of every listed company to specifically disclose within 2 working days the detailed reasons for encumbrance of shares if the combined value of encumbrance by the promoter along with Persons Acting in Concert (PACs) with them equals or exceeds:
a) 50% of their shareholding in the company; or
b) 20% of the total share capital of the company.
The format for this disclosure is prescribed in this Circular. This disclosure shall be made to:
a) every stock exchange where shares are of the company are listed; and
b) the listed company;
Further every listed company shall disclose this information on their websites within two working days of receipt of such disclosure. Read more…
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