Friday, November 15, 2013

SEBI amends disclosure norms for pledged shares

The Securities and Exchange Board of India  (SEBI) has modified the format of disseminating information under the takeover code (substantial acquisition of shares and takeover). Entities
acquiring five per cent or more have to disclose change in their shareholding in prescribed format.
Those already having a stake of five per cent or more, have to disclose change in shareholding of
two per cent or more. This would apply even if the shareholding of such an entity falls below
five per cent as a result of sale of shares. The SEBI directive asks promoters to provide details of events that led to the shares being pledged (creation of encumbrance), released or invoked along with the date.

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